Cairo: A significant partnership contract has been finalized between the New Urban Communities Authority (NUCA) and Qatari Diar Real Estate Company to develop the Alam Al-Roum area in the Matrouh governorate on Egypt's Mediterranean coast. This project involves an investment of approximately $29.7 billion, as announced by the Cabinet's Media Center.

According to State Information Service Egypt, the project is anticipated to generate 250,000 job opportunities, featuring the establishment of 4,500 hotel rooms as part of its tourism focus. It is a segment of a comprehensive urban and tourist initiative, one of the largest investment projects on the North Coast, aligned with Egypt's 2030 Vision and the National Urban Development Plan. The plan aims to enable the Egyptian North Coast to accommodate over 17 million people.

The development will span across 4,900 feddans in the Alam Al-Roum area, aiming to create an integrated urban community. This will include international hotels, residential districts, commercial and tourist centers, along with essential facilities like hospitals, schools, and universities. The project is set to transform the region into a prominent tourist and development hub on the Mediterranean coast.

The agreement stipulates that NUCA will receive 15% of the project's net profits after the executing company has recuperated its investment costs. The media center emphasized that this collaboration is part of the state's broader strategy to attract foreign investments, enhance urban and tourist development on the North Coast, generate employment, and bolster the national economy.