Qatar buys land in Egypt for giant tourism project

Qatar has reportedly acquired 20.2 sq km of land in Ras Alam El-Rum on the northwestern coast of Egypt for $4 billion, to establish an integrated tourism project.

Unsplash/Begad Abed | Egypt is planning several new resorts along the Red Sea coast

The project will be developed by Qatari Diar, a subsidiary of the Qatar Investment Authority, according to a report from Arabic-language site Ashraq Business.

The Egyptian government will receive a share of revenues in exchange for providing utilities and infrastructure services, the report said.

The official announcement of the project will reportedly be made this month.

Ras Alam El-Rum is located nearly 50km from Ras El Hekma city, which is being developed by Abu Dhabi’s sovereign wealth fund, ADQ, at a cost of $35 billion.

In September 2024 Egyptian prime minister Mostafa Madbouly said the country was planning new developments along the Red Sea coast, with at least five areas identified for deals similar to those in Ras El Hekma.

Qatar has already pledged to invest $7.5 billion in Egypt as Cairo seeks to attract new money and boost economic growth.

Cairo aims to attract $42 billion in foreign direct investment during the 2025-26 fiscal year, which commenced in early July.

Egypt’s economy recorded its fastest growth for two years in 2024-25, driven by increases in non-oil industry and tourism.

GDP growth for the fiscal year 2024-25 was 4.4 percent – above government projections. GDP grew by nearly 5 percent in the fourth quarter of 2024-25, which ended on June 30.

By Pramod Kumar

October 2, 2025, 7:45 AM