According to the Egyptian Cabinet, the deal includes a “cash price” of $3.5 billion and an “in-kind counterpart” in the form of a residential space in the project, which is expected to be sold for an estimated value of $1.8 billion after receipt. The commercial deal also includes, in addition to the land price, the entitlement of the New Urban Communities Authority to a 15% share of the project’s profits.
In his speech, Prime Minister Mostafa Madbouly stated that “the Egyptian economy is witnessing a major leap under the guidance of President Abdel Fattah El-Sisi,” confirming that “developments in the industry, agriculture, technology, and tourism sectors will have a positive impact on the Egyptian economy.” He added that “the tourism sector is at the top of the Egyptian state’s priorities,” continuing: “The Egyptian vision focuses on developing tourist areas, especially the North Coast, aiming to accommodate more than 17 million people.”
Egypt and Qatar announced last Monday the development of the “Simla and Alam El-Roum” region in Marsa Matrouh City. This agreement was reached on the sidelines of the first summit of the Global Alliance to Combat Hunger and Poverty, held in the Qatari capital, Doha, attended by the Egyptian Prime Minister, Mostafa Madbouly, the Egyptian Minister of Social Solidarity, Maya Morsy, and the Egyptian Ambassador to Qatar, Waleed Al-Faki.
The Qatari Prime Minister emphasized “the keenness to strengthen the bilateral relations between the two countries in various fields and to support and activate Qatari investments in Egypt across several different sectors,” expressing his country’s full support for Egyptian efforts on various fronts and praising the continuous coordination between the two countries on the Palestinian issue.
During the meeting, the importance of advancing work to implement the recommendations and resolutions of the sixth session of the Egyptian-Qatari Joint Higher Committee, held in August 2025 in the New Alamein City, was also discussed, ensuring the enhancement of relations between the two countries. Moreover, the importance of working on implementing the memorandums of understanding signed during that session was emphasized, contributing to the benefit of both sides.
