CAIRO, Dec 30 (MENA) – Egypt has received $3.5 billion as part of an investment deal to develop Samla and Alam Al-Roum area on the Northwest Coast in Matrouh Governorate.
The project is an investment partnership between the Ministry of Housing, Utilities, and Urban Communities and Qatari Diar Co, signed on November 6.
The total deal consists of three main financial components; $3.5 billion received today represents the cash price, which is the first phase of the agreement, cabinet spokesperson Mohamed al-Homosany said.
A second phase involves an in-kind return consisting of residential built-up areas.
The sale of these units is projected to generate an estimated $1.8 billion.
The New Urban Communities Authority is entitled to a 15 percent share of the project’s net profits (including subsidiaries) after the recovery of all recoupable investment costs, according to the agreement.
Today’s step reflects the directives of President Abdel Fattah al-Sisi and Qatari Emir Sheikh Tamim bin Hamad Al Thani.
Egypt and Qatar deepen the economic partnership between them, enhance bilateral cooperation, and promote sustainable economic development for both countries. (MENA)
