Qatari Diar, the real estate subsidiary of Qatar’s sovereign wealth fund, has initiated the first phase of a significant tourism development along Egypt’s northwestern Mediterranean coast. This ambitious project, named Alam El-Roum, is poised to deliver a transformative tourist experience in the region, featuring a substantial investment that reflects both countries’ commitment to fostering economic growth.
Investment Details and Financial Commitment
The first phase of the Alam El-Roum project is projected to cost around EGP 220 billion, or approximately $4.5 billion. Overall, the total investment in this development is slated to reach an impressive $29.5 billion. In a significant move, Qatari Diar has already transferred $3.5 billion in cash to the Egyptian government, highlighting the level of confidence in this venture. This financial commitment signifies a broader strategy to stimulate the local economy while enhancing Egypt’s appeal as a global tourist destination.
Project Features and Amenities
The development will span a vast 4 million square meters, with a built-up area of about 1.4 million square meters. The initial phase includes a picturesque 2 km beach and promenade, along with a series of natural lakes connected to the sea, ideal for swimming and yachting. Sheikh Hamad bin Talal Al-Thani, Qatari Diar’s chief executive, noted that an additional 195,000 square meters will be dedicated to artificial lakes, ensuring a wealth of recreational opportunities for visitors.
Open spaces will dominate the area—comprising 85% of the total project—making it a green and inviting environment. The city center will feature a marina equipped with 50 berths for yachts, while four hotels will offer over 1,000 rooms. Complementing these accommodations will be recreational sports centers, diverse retail options, and an array of international dining experiences, catering to both residents and tourists alike.
Employment Opportunities and Economic Impact
According to Sheikh Hamad, the first phase of this project is anticipated to create nearly 30,000 direct and indirect job opportunities. This influx of employment is crucial for the local population and the economy at large. In discussions held with Egypt’s Prime Minister Mostafa Madbouly, both leaders expressed enthusiasm about the prospective impact of this initiative, emphasizing the importance of global partnerships in achieving success.
A Vision for Integrated Urban Development
Sheikh Hamad articulated that the goal of the Alam El-Roum project is to establish a year-round, world-class integrated urban city rather than a seasonal tourist resort. Prime Minister Madbouly echoed this sentiment, asserting that the Egyptian government is dedicated to maximizing the potential of the northwest coast. The intention is to create a comprehensive hub for sustainable development and tourism, ultimately turning it into a focal point for both local and foreign investment.
The Alam El-Roum project stands as the second-largest foreign direct investment from the Gulf into Egypt, following the $35 billion commitment made by Abu Dhabi’s ADQ for the Ras El Hekma development. This further underscores the growing interest and investment in Egypt’s potential as a leading destination for urban and tourism development in the region.