Egypt and Qatar Embark on Major Real Estate Venture

Egypt's Prime Minister announced a significant real estate collaboration with Qatar on the north coast. During a visit by Qatar's Prime Minister, discussions included tourism investment opportunities. This initiative comes amid Egypt's ongoing economic challenges, further highlighted by recent deals with the UAE.

Egypt's Prime Minister, Mostafa Madbouly, has announced that Egypt and Qatar will collaborate on a major real estate project along Egypt's north coast. The announcement was made following a cabinet statement issued on Wednesday.

This development was highlighted during a visit by Qatar's Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani, to Egypt, where meetings with Egypt's president and foreign minister took place. The Qatar Investment Authority did not comment on the project's specifics.

Madbouly noted Qatar's interest in tourism investments in the north coastal region, a proposal Egypt welcomed. Earlier this year, Egypt signed a $35 billion deal with the UAE to develop the Ras al-Hikma peninsula, an effort to address the country's foreign currency shortage and inflation.

(With inputs from agencies.)