Egypt and Qatar to explore ‘major’ real-estate project

Reuters/Aly Songol

Egypt will collaborate with Qatar on a “major real estate project” in the North Coast region, prime minister Mostafa Madbouly said.

The Gulf country has sought investment opportunities in the tourism and hospitality sectors, local media reported, citing the prime minister, who met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al-Thani in Egypt.

No other details were given.

Abu Dhabi sovereign wealth fund ADQ acquired the rights to develop Ras El-Hekma in a $35 billion deal signed with the Egyptian government in February.  

In September, Madbouly said the country was planning new developments along the Red Sea coast, with at least five new areas identified for deals similar to those in Ras El-Hekma.

• Infrastructure needed to support Egypt’s tourism ambitions
• ADQ’s Egypt project lights fire under region’s real estate
• Public-private tenders worth $1bn on offer in Egypt

Madbouly said that a list of investment opportunities will be presented to Qatar, offering real estate opportunities in the Greater Cairo and New Administrative Capital through acquisitions or private-sector partnerships.

Egypt and Qatar have discussed investments in the ports, logistics and manufacturing sectors, as well as data centres, the prime minister said.

This month, state-backed QatarEnergy announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron.

The two countries have also signed an agreement to avoid double taxation and stop tax evasion this year, aimed at improving economic relations and cooperation in different fields, including taxes.