Egypt is set to double its Gulf-sponsored multi-billion-dollar Mediterranean Sea resorts. Qatar has pledged $29.7bn towards “transforming Alam El Roum into a coastal tourist and investment destination,” according to a 6 November Egyptian Cabinet statement. The UAE last year pledged to invest $35bn in developing the Ras el-Hekma resort.
Qatar Investment Authority’s (QIA) subsidiary Diar will pay $3.5bn for the land, which is located 285km west of Alexandria near Marsa Matruh, and invest a further $26.2bn to construct and develop the project, the statement says. Construction is scheduled for next year with the first phase set to be completed within four to six years, while the full project will take 15 years to complete. (CONTINUED - 157 WORDS)