Egypt launches first phase of $29.7bn Alam El Roum coastal project

Qatari Diar, the real estate investment arm of the Qatar Investment Authority, has announced the start of the first phase of the Alam El Roum project in Matrouh governorate, with delivery scheduled for 2030. The overall project covers 20.58 million square metres and involves investments of $29.7 billion, of which around $3.5 billion will be direct investment, with more than 250,000 jobs expected once fully developed.

Alam El Roum is designed as an integrated coastal city rather than a single resort complex, including residences, hotels, commercial and cultural facilities, sports venues and leisure areas. The first phase covers about 4 million square metres, with a 2km waterfront, artificial lakes totalling 195,000 square metres, a town centre and a 50-berth marina, with 85% of the area to remain open space.

The first phase is linked to an investment of around 200 billion Egyptian pounds and is expected to create about 30,000 direct and indirect jobs by completion.