Cairo, Dec 31 – Egypt has received $3.5 billion under a Qatar-backed agreement to develop a major luxury real estate and tourism project on its Mediterranean coast, according to a statement released by the Egyptian cabinet on Tuesday.
The payment forms part of a broader $7.5 billion investment pledge by Qatar aimed at supporting Egypt’s economy through large-scale development projects. The Mediterranean coast project is expected to include high-end residential units, tourism facilities and supporting infrastructure, strengthening Egypt’s appeal as a regional tourism and investment destination.
The deal reflects growing economic cooperation between Cairo and Doha following the restoration of diplomatic relations and aligns with Egypt’s broader strategy of attracting foreign direct investment to ease pressure on public finances and foreign currency reserves.
Egypt has increasingly relied on Gulf-backed investments to fund flagship projects as it works to manage high external debt levels and close budget gaps. The Mediterranean coast development is among several high-profile initiatives designed to stimulate growth, create jobs and boost foreign exchange inflows through tourism and real estate.
Further disbursements are expected as the multi-phase project progresses, in line with the investment framework agreed between the two countries.
