Gulf countries have a healthy — and luxurious — competition going on Egypt’s long Mediterranean coast.
Qatari Diar agreed to pay $3.5 billion for the rights to an area of land about a third the size of Manhattan in Matruh province, the same region where the UAE’s state-owned Modon Holding is developing its $35 billion Ras El Hekma megaproject. These deals reflect a wider shift by Gulf countries, which are moving away from providing aid to Egypt and instead focusing on investment opportunities. Saudi Arabia has pledged to invest $5 billion in the country.
Qatar’s Alam El Roum project is valued at almost $30 billion. Qatari Diar, the real estate arm of Doha’s sovereign wealth fund, is also developing a tourism resort on Egypt’s Red Sea coast.