Qatari Diar launches $4.5B first phase of Egypt resort
The real estate arm of the Qatar Investment Authority has launched the first phase of its $29.5 billion tourism development on Egypt’s northwestern Mediterranean coast.
The $4.5 billion phase one of Qatari Diar’s Alam El-Roum project, includes a 2km beach and promenade, natural and artificial lakes, a marina with 50 berths for yachts and four hotels with a total of more than 1,000 rooms.
Qatari Diar CEO Sheikh Hamad bin Talal Al-Thani met Egypt’s Prime Minister Mostafa Madbouly in Cairo on Sunday to discuss the project and said the company was seeking global partners, Arabian Gulf Business Insight reports. The company already transferred $3.5 billion in cash to the Egyptian government late last year.
The Alam El-Roum project is one of several major Gulf investments in Egyptian developments that have come as part of a broader economic bailout that helped save the country from a currency collapse.
The UAE’s $35 billion Ras El Hekma project, led by Abu Dhabi’s L’Imad Holding (formerly ADQ) is the largest foreign direct investment in Egyptian history.
Qatar taps Skidmore, Owings & Merrill for Egypt coastal project
Skidmore, Owings & Merrill, which designed Dubai’s Burj Khalifa skyscraper, will lead the masterplan of Qatari Diar’s $30 billion Alam Al Roum smart-city project on Egypt’s Mediterranean coast.
The massive development will include more than 7 kilometers (4.3 miles) of private beachfront and be supported by a consortium of global design and engineering firms, Arabian Gulf Business Insight reports.
Qatari Diar, owned by the Qatar Investment Authority, has committed $3.5 billion to the project.
The move comes as Gulf-backed coastal developments accelerate in Egypt, with Abu Dhabi’s Modon leading the Ras El Hekma master development.
Trump company expands Gulf footprint with Qatar, Dubai deals
Eric Trump is rolling out a series of deals across the Gulf as his father prepares to make a presidential visit to the region next month.
Real estate developers Qatari Diar and Saudi-owned Dar Global plan to build a Trump-branded golf course and residential community as part of the Simaisma beachside development north of Doha, Reuters reports.
On Tuesday, Eric Trump, who is Executive Vice President of the Trump Organization, announced plans to build an 80-story Trump International Hotel and Tower in Dubai at a cost of $1 billion, in partnership with Dar Global.
U.S. President Donald Trump is scheduled to visit Saudi Arabia, Qatar and the UAE in mid-May.
The younger Trump speaks on Thursday at the TOKEN2049 crypto conference in Dubai.
