Egypt Secures $3.5 Billion for North Coast Development Project with Qatari Diar

The Egyptian government announced on Tuesday that it has received $3.5 billion, marking the initial cash installment of a development agreement with Qatari Diar for the Samla and Alam Al-Roum areas along the northwestern coast.

The statement detailed that the agreement also includes in-kind compensation, whereby the Egyptian state will receive residential units as part of the project, in addition to the cash payment.

This initiative is regarded as one of the largest Qatari investments in Egypt, aimed at boosting tourism and urban development in the northwestern coastal region.