Egypt and Qatar are set to strengthen their bilateral cooperation, particularly within the real estate sector, according to Egyptian Prime Minister Mostafa Madbouly.
Following a meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, Madbouly announced that Qatar has expressed a keen interest towards investing in Egypt’s northern coast tourism and hospitality sector.
“There is a request from the Qatari side regarding investment opportunities in the tourism and hospitality sector in the North Coast region, and the Egyptian government welcomes this desire from our Qatari brothers,” Madbouly said.
This interest comes on the heels of a major investment by the United Arab Emirates (UAE) in Egypt’s North Coast, where a $35 billion project, Ras al-Hekma, was launched. The UAE’s ADQ holding company acquired the development rights for this project, which, coupled with the devaluation of the Egyptian pound, has significantly bolstered Egypt’s foreign exchange reserves.
Egypt has also recently signed an investment protection agreement with Saudi Arabia, and the kingdom has pledged $5 billion in investments.
Madbouly further highlighted that Egypt is preparing a list of investment opportunities in the real estate sector in Greater Cairo and the new administrative capital to present to Qatar. These opportunities include both acquisition and partnership options with Egyptian private sector companies.
Beyond real estate, the two countries are also exploring cooperation in the ports and logistics sectors.
Qatar has expressed interest in investing in data centers, and Egypt has identified several potential investment opportunities in the new administrative capital, including real estate and tourism.
Egypt is also developing a comprehensive investment plan for the Ras Banas area on the Red Sea, similar to the Ras al-Hekma project.
The country intends to offer multiple large areas along the Red Sea for development.
These developments signify a growing trend of foreign direct investment in Egypt, particularly within real estate and tourism sectors. The nation is actively seeking to attract foreign capital to support its economic development and infrastructure projects.
