Qatar is in advanced discussions to develop a USD 3.5 bn tourism project on the North Coast, Bloomberg reported on Thursday, citing sources it says are familiar with the matter. The Qatari side could ink the project’s agreement by the end of 2025, the sources said without disclosing the breakdown and exact location of the project.

If the agreement goes through, Qatar would make a USD 1 bn payment to Egypt upon signing the agreement, with the remaining amount to be delivered over the following year.

But this isn’t a complete surprise, with Prime Minister Moustafa Madbouly saying late lastyear that Qatar is working on a “very important” real estate project on the North Coast.

Qatar also previously agreed to work toward a USD 7.5 bn package of direct investments in Egypt in the near future, without providing details of the investment plan. The GCC country’s investors are also reportedly eyeing majority stakes in terminal operators.

Investments from the GCC are expected to have a greater footprint in the coming years. Kuwait was previously reported to be in discussions to turn the USD 4 bn of deposits it holds in Egypt’s central bank into direct investments across several sectors. Meanwhile, Saudi Arabia plans to convert some of its USD 10.3 bn deposits in the central bank into investments.

REMEMBER- Egypt aims to attract USD 42 bn in net FDI during the next fiscal year, with plans to boost that figure to USD 55 bn in FY 2028-2029. The FDI growth is expected to be fueled by interest from foreign investors, particularly from Gulf countries such as the UAE, Saudi Arabia, and Qatar.

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