Qatar is reportedly engaged in advanced discussions to invest $3.5 billion in a major tourism project along Egypt’s Mediterranean coast, according to local Egyptian media.
This potential move represents the latest support from a Gulf nation for the Egyptian economy, which has been grappling with disruptions stemming from ongoing regional conflicts.
The prospective deal involves the development of land in one of Egypt’s most prominent holiday destinations and could be finalized before the end of 2025. However, the precise location or specific land area involved has not yet been disclosed.
This potential agreement follows a historic $35 billion investment from the United Arab Emirates earlier in 2024, which included the development of vast stretches of Egypt’s North Coast. That UAE agreement, concluded in early 2024, proved crucial in helping Egypt navigate a two-year economic crisis, compounded by the repercussions of the conflict between Israel and Hamas in Gaza.
The Qatari discussions also unfold at a time when direct tensions between Israel and Iran threaten to intensify pressure on Cairo, further underscoring the critical importance of securing continuous inflows of foreign investment.
Under the anticipated agreement with Qatar, Doha is expected to provide Egypt with $1 billion immediately upon signing the deal, with the remaining amounts to be transferred over the subsequent 12 months, according to informed sources.
Egyptian authorities had previously indicated their ambition to replicate the UAE’s experience, which saw a significant $24 billion investment specifically in the development of the Ras El Hekma area.
Egypt in advanced talks with Qatar for multi-billion dollar North Coast investment Egypt Independent.
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