Qatar to Invest $29.7 Billion in Egypt’s North Coast Tourism Project

Qatar’s Diar Real Estate Company plans to invest $29.7 billion in a major tourism development on Egypt’s North Coast, marking one of the largest Gulf-backed projects in the country, according to Reuters.

The project, located in the Alamein Rom area, is set to cover 4,900 feddans along 7.2 kilometers of coastline, and will include resorts, golf courses, and other leisure facilities.

The investment comes as part of a broader push by Egypt to attract foreign capital, following projects like the Ras Al-Hikma development in partnership with the UAE in 2024. Gulf investors have increasingly targeted Egypt’s real estate and tourism sectors, contributing to the country’s goal of securing $42 billion in foreign investment during the 2025/26 fiscal year.

Diar, owned by Qatar’s sovereign wealth fund, Qatar Investment Authority, will pay $3.5 billion for the land and commit $26.2 billion in development costs. The agreement is expected to be signed with the New Urban Communities Authority of Egypt later this week.

According to Bloomberg sources, the project will focus on luxury tourism, real estate, and golf courses, targeting both regional and international visitors. The location, Alamein Rom, is famed for its serene beaches and historical Roman fort, making it a preferred destination for family and leisure tourism.

The announcement follows a trend of Gulf investment along Egypt’s North Coast. The Ras Al-Hikma project, backed by UAE’s ADQ, was valued at $35 billion, with the UAE firm investing $24 billion in development while the Egyptian government retains a 35% stake. Alamein Rom is located roughly 50 kilometers from Ras Al-Hikma, creating a corridor of high-end Gulf-backed developments.

Market reports, including from Knight Frank, indicate that wealthy Gulf investors plan to spend $1.1 billion on second homes in Egypt in 2025, primarily from the UAE and Saudi Arabia.

The North Coast has long been a summer hotspot for affluent Egyptians, and the influx of Gulf investment aligns with Egypt’s strategy to boost foreign tourism and increase hard currency inflows. 

The projects also support the government’s reform agenda under the IMF’s $8 billion extended program, which emphasizes private sector empowerment and reduction of state intervention.

Additionally, Saudi investors are eyeing Egypt’s Red Sea coast, with Aljlan & Brothers planning $1.5 billion for a new project in Ras Jamila. Egypt is also preparing to develop Ras Banas, a peninsula rich in pristine coral reefs, for private-sector tourism investments.