Urgent: Signing an Egyptian-Qatari partnership to develop the region "Roman knowledge" Matrouh, with investments of $29.7 billion
The Prime Minister witnesses the signing ceremony of a new investment deal to establish an integrated urban development project on a global level to be a regional attraction for various service, tourism, residential and commercial activities and to transform “Alam Al-Rum” To a coastal tourist and investment area The deal includes a "cash price" With a value of $3.5 billion and “in-kind consideration” With a built-up area of the residential component of the project, it is intended to be sold after receiving an estimated value of $1.8 billion. The commercial deal also includes, in addition to the price of the land, the New Urban Communities Authority being entitled to a 15% share of the project’s profits Qatari Minister of Municipality: Investments estimated at 29.7 billion US dollars in the project and the provision of more than 250 thousand job opportunities.. The project embodies our confidence in the strength of the Egyptian economy CEO of Qatari Diar: The project will be a milestone in the development of the North Coast with a hotel capacity exceeding 4,500 rooms
Dr. Mostafa Madbouly, Prime Minister witnessed today, at the Council of Ministers headquarters in the New Capital, the signing ceremony of a new investment deal, through an investment partnership between the Ministry of Housing, Utilities and Urban Communities, represented by the New Urban Communities Authority, and the “Diar” Company. Qatari; To implement a project to develop and advance a plot of land with an area of 4,900.99 acres (equivalent to 20,588,235 square metres) within the “Samla and Alam Al-Rum” region. On the northwestern coast, Matrouh Governorate.
The contract was signed by Engineer Sherif El-Sherbiny, Minister of Housing, Utilities and Urban Communities, and Abdullah bin Hamad bin Abdullah Al-Attiyah, Minister of Municipality and Chairman of the Board of Directors of Qatari Diar, in the presence of Ahmed Kajouk, Minister of Finance, Eng. Hassan Al-Khatib, Minister of Investment and Foreign Trade, Eng. Ali Muhammad Al-Ali, CEO of Qatari Diar, and Sheikh Hamad bin Talal Al Thani, Head of the Development and Projects Sector in Asia and Africa at Qatari Diar. The agreement aims to establish an integrated urban development project in accordance with international standards. To be a regional attraction for various service, tourism, residential, and commercial activities. The Alam Al-Rum area will become an integrated tourist and investment coastal area on a global level, as part of the Egyptian state’s current efforts to attract more foreign direct investments.
The project includes the construction of upscale residential complexes and neighborhoods, in addition to tourism and entertainment projects, open artificial lakes, golf courses, an international tourist marina, and (2) local internal marinas. The project also includes the establishment of electricity distribution stations, other desalination and water treatment stations, in addition to a number of hospitals, schools, and universities, as well as a number of government headquarters.
Under the agreement, the project company (almost entirely owned by Qatari Diar), which is to be established to implement the project, is committed to preparing a general plan for the project that is compatible with the structural controls specified by the New Urban Communities Authority, and the general plan is approved by the authority.
In light of the signing of the agreement, Dr. Mostafa Madbouly, Prime Minister, stressed that the conclusion of this agreement today, which is considered a major investment partnership with the Qatari side, comes as a culmination of the established fraternal relations and the depth of historical ties between Egypt and the sisterly State of Qatar, and also comes in light of the fraternal relations that link the leaderships of the two countries; President Abdel Fattah Al-Sisi, President of the Republic, and his brother His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, and the keenness of both sides to deepen the economic partnership between Cairo and Doha, the strong desire to enhance economic cooperation between the two countries, and the continuation of joint work towards enhancing areas of investment and economic exchange in a way that reflects the political will between Egypt and Qatar, and contributes to supporting sustainable economic development that serves the aspirations of the two brotherly peoples.
Dr. Mostafa Madbouly said: Today’s agreement comes as an embodiment of what was previously agreed upon between the leaders of the two countries regarding supporting the economic partnership between the two countries, and launching a package of direct Qatari investments in Egypt during this stage.
Regarding the terms of the agreement, the Prime Minister indicated that it will be done with the same mechanism that the state relies on, represented by the New Urban Communities Authority, with all developers and the private sector; Where a plot of land is allocated to the investor (the Qatari company), and in return, a “cash price” is obtained. In addition to “in-kind consideration,” as well as a share of the project’s profits allocated to the New Urban Communities Authority.
In this context, the Prime Minister explained the financial aspect stipulated in the agreement with the Qatari company, pointing out that the deal – which was concluded – includes two parts: a first part, “cash price”; With a value of $3.5 billion, it will be transferred from the investor before the end of this year, and another part “in exchange for my kind.” With a built-up area of the residential component of the project consisting of residential units (it aims to be sold after receiving an estimated value of $1.8 billion), In addition, the profit sharing share is allocated to the New Urban Communities Authority. In addition to the cash price, the commercial deal includes the Authority’s entitlement to the equivalent of 15% of the project’s net profits (net profits of the project company and the affiliated and controlled entities, whether from “Qatari Diar” or the project company), after recovering the full investment cost recovered in accordance with the provisions of the agreement.
The proportion of housing land in the total area is within the range of 60%, in addition to the area of service areas not exceeding 15%, and roads, squares, and green and open areas within the range of 25%. There is no industrial component on the project land, and the project land will be delivered free of all concerns in two main stages and a number of sub-stages in each.
Dr. Mostafa Madbouly stressed that the Egyptian state continues to work seriously with the aim of taking the necessary measures and decisions to attract and flow more foreign direct investments, based on the fact that such projects provide integrated development that achieves many goals, including providing the opportunity to reconstruct lands and establish new urban projects, as well as providing more job opportunities for Egyptian youth, in addition to the fact that these investments contribute to supporting the growth of the national economy, in addition to the returns these projects achieve for investors, and reaping the fruits of their projects. Investment.
He Abdullah bin Hamad bin Abdullah Al-Attiyah: The project represents a strategic step towards strengthening the position of the Egyptian northern coast as an integrated global destination, and embodies the commitment of the State of Qatar as a partner in supporting the Egyptian government’s efforts to achieve sustainable development and operate coastal areas throughout the year.
He pointed out that the project represents one of the most prominent investment projects in the region, with an estimated investment of about 29.7 billion US dollars, and is expected to provide more than 250,000 direct and indirect job opportunities. This project embodies the confidence of “Qatari Diar” In the strength of the Egyptian economy, and its belief in the feasibility of investing in its exceptional geographical location. Engineer Ali Muhammad Al-Ali, CEO of Qatari Diar, confirmed that the “Alam Al-Rum” project It represents a new step in developing exceptional destinations in Egypt, and comes within a series of strategic investments focusing on tourist destinations of high economic value.
He added that the project will be a milestone in the development of the North Coast, and a global destination that redefines the standards of tourism on the Mediterranean, through a development extending over more than 20 million square meters, with a hotel capacity exceeding 4,500 rooms.
He explained that the project will be implemented through the project company, wholly owned by Qatari Diar, In coordination with the New Urban Communities Authority to ensure that the design complies with the best international standards.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
