Egypt has received $3.5bn from Qatari Diar Real Estate Investment Company as the initial cash payment for a project to develop the Semla and Alam El Roum area on the northwestern coast, the Egyptian cabinet said. Cabinet spokesman Mohamed El-Homsani stated the $3.5bn represents the “cash price” component, which is the first part of the agreement. This profit sharing will commence after the full recovery of investment costs in accordance with the agreement’s provisions, El-Homsani said. Abdullah bin Hamad bin Abdullah Al Attiyah, the Qatari Minister of Municipality and Chairperson of Qatari Diar, said in November, the development provides a strategic boost to the North Coast as a world-class, fully integrated destination. According to the project plans, Alam El Roum will be transformed into a comprehensive destination encompassing residential, commercial, and entertainment areas.

Source: Daily News Egypt December 30, 2025 15:55 UTC