Qatari Diar to enter $29.7 billion deal for real estate project in Egypt

DOHA - Qatari Diar, the real estate arm of Doha's sovereign wealth fund, will enter into a partnership deal to develop a project on Egypt's Mediterranean coast with investments worth $29.7 billion, a source with direct knowledge told Reuters on Wednesday.

The agreement with Egypt's New Urban Communities Authority includes a payment of $3.5 billion for the land and an in-kind investment of $26.2 billion to build the project that will cover an area of 4,900 acres along a 7.2 km stretch of coastline.