Qatari Diar pledges $29.7b boost for Egypt mega project

Egypt is betting big on its 3,000km of coastline as a revenue source

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A real estate arm of Qatar's sovereign wealth fund said yesterday it would invest $29.7 billion in a tourism and residential development project on Egypt's northern coast as the country seeks investments to boost a faltering economy.

Egypt, mired in its worst economic crisis in decades, is betting big on its 3,000km of coastline as a revenue source.

To span 4,900 acres

The project in the Alam Al Roum area, in Egypt's Matrouh Governorate, will span "4,900 acres ... extending across a coastline of 7.2 kilometres of the pristine Mediterranean shoreline", a statement from the Qatari Diar company said.