Qatari Diar Real Estate & Investment Company has signed a deal to develop a 10bn Egyptian pound ($1.75bn) resort on Egypt’s Red Sea coast
Qatari Diar Real Estate & Investment Company has signed a deal to develop a 10bn Egyptian pound ($1.75bn) resort on Egypt’s Red Sea coast
The resort, which has yet to be named, will stretch over 35sq km of prime coastline in the Sharm Al Arab and Sharm Al Naka areas, the Al Sharq daily quoted Egyptian Tourism Minister Zoheir Garana as saying.
Qatari Diar has signed an agreement with Egypt’s Tourism Development Company to develop the resort and will conduct a year-long consultancy before construction can begin, the minister said without giving details.
Qatari Diar is already developing a $250mn tourism development in Sharm El Sheikh that will include a hotel, villas and an aquatic park.
Diar is one of the vehicles used by the Qatar government to invest windfall revenues from energy exports.
The developer operates in 32 countries with investments reaching $32bn, Al Sharq said, quoting Qatari Diar’s chief executive, Nasser al-Ansari
