Egypt Today: Egypt has secured a $3.5 billion payment as part of an investment agreement for the development and expansion of land in the Samla and Alam El-Roum region, situated along the northwestern coast of Matrouh Governorate.
On November 6th, the Ministry of Housing, Utilities, and Urban Communities, through the New Urban Communities Authority, entered into an investment partnership with Qatari Diar to oversee the development of the Samla and Alam El-Roum area.
Mohamed El-Homsany, spokesperson for the Prime Minister’s Office, confirmed that the $3.5 billion represents the cash portion of the deal, marking the first phase of the agreement. The second phase of the deal involves in-kind compensation, consisting of residential units within the development.
Upon completion, the sale of these units is anticipated to generate an estimated $1.8 billion in revenue. Furthermore, the New Urban Communities Authority is set to receive 15% of the net profits from the project, which includes profits from both Qatari Diar and the project company, after the full recovery of the invested capital, in accordance with the terms of the agreement.
https://www.egypttoday.com/Article/3/144265/Egypt-Secures-3-5B-for-development-of-Samla-Alam-El
