Qatari Diar, the real estate arm of the Qatar Investment Authority, is set to roll out the first phase of an integrated tourism city on Egypt's Red Sea coast before the end of 2026.
The company has taken possession of a 29 million sqm site, covering around 7,000 feddans along the Hurghada-Safaga road, nearly two decades after first contracting for the land in 2006. A final allocation contract signed with the Egyptian government this year triggers a 20-year development period.
Egyptian and Gulf developers have already submitted proposals to partner on parts of the scheme, although total investment, the master plan, hotel capacity and development partners remain undisclosed.
The move follows last month's launch of the EGP 220 billion first phase of Qatari Diar's USD 29.7 billion Alam El Roum development on Egypt's North Coast. Egypt welcomed nearly 19 million tourists in 2025, up around 21% year on year, and is targeting 30 million annual visitors by 2030.
Gulf Economist Staff Writer