Egypt, Qatar to cooperate on north coast real estate project

Egypt’s Prime Minister Mostafa Madbouly said Egypt and Qatar will cooperate on a ‘very important’ real estate investment project on Egypt’s north coast, according to a cabinet statement on Wednesday.

The statement comes during a visit from Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani to Egypt, where he met Egypt’s president and the foreign minister.

Madbouly added there was a ‘request’ from the Qatari side for tourism investment opportunities in the north coast region, along the Mediterranean, a request welcomed by Egypt.

Egypt in February signed a $35 billion investment deal with the United Arab Emirates to develop the Ras al-Hikma peninsula west of Alexandria, as Egypt has been struggling with a prolonged shortage of foreign currency and rapid inflation.