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Cairo, November 06 (QNA) - Qatari and Egyptian economists and analysts have praised the signing of the Qatari-Egyptian Investment Partnership pact to develop a project in Alam El-Roum area in Matrouh Governorate.They told Qatar News Agency (QNA) that the project - which covers 4,900 acres and extends along 7.2 kilometres of Mediterranean coastline - is part of the agreement to operationalize the Qatari investment package in Egypt.The signing to implement this project heralds a new and crucial springboard for investment collaboration between the two nations, as part of their orientations toward fostering bilateral partnership in mammoth productive and development sectors, in support of the Egyptian economy and creating new job opportunities, as well as lending impetus to the development movement in the northwest coast of Egypt which has witnessed an unprecedented investment boom, the pundits said.In this context, Dr. Ahmed Gaith Al Kuwari, a consultant and political relations expert, described the massive development project as more than an investment deal - calling it a declaration of a new economic and political alliance that underscores how economics has become the modern language of diplomacy."This project reflects the expansion of Qatari-Egyptian relations into broader horizons," Al Kuwari said, noting that Qatar National Vision 2030 and Egypt Vision 2030 now operate as parallel platforms pursuing a shared goal - sustainable development and a strong geo-economic presence. "The Matrouh project will serve as a new economic gateway, strengthening the fraternal ties between Doha and Cairo, while highlighting the diversity of Qatari investments globally, especially in the Arab world, with Egypt at its heart," he added.He emphasized that Doha is using its economic strength to foster lasting economic peace, and that projects led by the Qatar Investment Authority and Qatar Diar represent a new model of governance, transparency, and social responsibility -based on forward-looking, non-traditional planning that has made Qatar a global reference in sustainable investment.Al Kuwari also noted that Qatar's investment in Matrouh is a carefully calculated move, strategically positioned along the Mediterranean coast to support both tourism and economic growth on the global map. He praised Cairo's approach to building balanced Arab development partnerships based on mutual interests and shared values, adding that Qatar's large-scale investment in Egypt is a clear vote of confidence in the Egyptian economy.He concluded that the project reinforces Qatari-Egyptian relations on the basis of transparency, integration, and mutual benefit - sending a strong message that "the Arab world is capable of shaping its own future."For his part, economic expert Dr. Abdullah Al Khater said that ties between Qatar and Egypt are witnessing remarkable growth and strategic convergence, reflecting both nations' awareness of the importance of integration in addressing regional challenges and advancing shared development.He explained that the relationship has evolved beyond politics into a comprehensive economic and developmental partnership, manifested in major joint projects - particularly in Egypt's North Coast real estate and tourism sectors. These initiatives, he said, represent "a genuine nucleus for creating a common Arab market and harmonized development plans that benefit both nations and the wider region."Dr. Al Khater emphasized that Qatari investments in Egypt provide direct support to the economy, bolstering the country's resilience amid global pressures. He added that diversifying investments across real estate, industry, and tourism enhances stability, generates employment, and drives economic growth.He concluded that this growing integration between Doha and Cairo reflects a comprehensive vision aimed at harnessing shared capabilities to promote both security and sustainable development in the two countries and across the region.Meanwhile, Economic expert and head of the Capital Center for Economic Studies and Research, Khaled Al Shafei, elucidated to QNA that this pact heralds a new era of the Qatar-Egypt partnership in the real estate and tourism sectors. He noted that the project is projected to generate a massive economic and tourism boom that significantly contributes to increasing domestic product, providing thousands of job opportunities and reinvigorating construction industry sectors and their associated services, as well as contributing to promoting Egypt's standing as a critical tourism destination for countries of Europe and the Middle East.This partnership manifests the depth of economic ties between the State of Qatar and the Arab Republic of Egypt, paving the way for further investments in a wide diversity of sectors, making the two nations a core pillar for a stable and growing Middle East, Al Shafei said.He added that Qatar is among the key partners of investment in Egypt and works to infuse further investments not only in the real estate sector, but also in a multitude of diverse sectors.Ahmed Adam, an Egyptian banking analyst, said this mammoth investment project will include establishing an integrated luxurious development and tourism city akin to global projects, with the Qatari investment offering a vital added value that goes beyond infusing foreign currencies.Adam further added that the project directly boosts the country's foreign currency reserves and affirms Gulf investors' confidence in Egypt's investment environment, serving as a principal catalyst for regional development, poised to transform the Alam El-Roum area into a global hub of tourism and urban sophistication.This, he adds, will contribute to the creation of new job opportunities and the transfer of world-class expertise in urban planning, real estate development, and luxury hospitality operations.Adam further clarified that the project serves the far-reaching strategic goals of both nations. For Qatar, the endeavor constitutes an integral part of its economic diversification strategy and the building of global partnerships, in which Qatari Diar Real Estate Investment Company (Qatari Diar) deploys its real estate expertise to enhance non-oil returns.For Egypt, he said, the project advances two principal objectives, first, to achieve a diversified competitive economy through attracting foreign investment and developing the Northwest Coast as a new developmental axis, second, to optimize quality of life and urban development by creating sustainable, globally attractive cities for living and tourism.For his part, Dr. Mohamed Anis, an Egyptian economic expert, affirmed that tapping into the Egyptian market by Qatari Diar constitutes a direct investment with high added value. He explained that this company possesses a reliable global client base in its ventures, which implies that the project will likewise attract a segment of foreign purchasers and investors, deepening the notion of exporting the Egyptian real estate and drawing additional earnings in US dollars to the Egyptian economy.This project is poised to offer an incredible job opportunity during the implementation phase, and will invigorate industries linked to construction and development, including cement, steel, and building materials, without imposing any financial burden on the nation, constituting a direct investment with foreign capital, highlighted Anis. The substantial outgrowth of the project's value will later be realized through sustainable tourism revenues, given that the tourism sector remains one of the foremost generators of hard currency, he said.For his part, Dr. Hafez El Ghandour, a consultant and lecturer in finance and investment, and a former Executive Board Member of the National Bank of Egypt, said the venture is one of the ideal sustainable development projects since it crafts an integrated tourism planning that ensures all kinds of coastal and leisure tourism.The project will contribute to realizing the two nations' vision with respect to the sustainable development strategy, El Ghandour highlighted. He noted that this kind of venture virtually elevates the economic and tourism value for the entire Matrouh Governorate, which is poised to witness the kickstart of this venture, in addition to bolstering the Sustainable Development Strategy (SDS) of Egypt Vision 2030.Dr. El Ghandour further clarified that the project in question will contribute to raising the value of lands and the periphery areas in Egypt, positioning itself as a natural extension for the existing investments on the northwest coast until Egypt's border with the State of Libya.He further noted that the Samla and Alam El-Roum area possesses exceptional natural endowments, rendering it a prime destination for integrated tourism investment, emphasizing that the project boasts a genius of location, pristine beaches, and a unique climate, and will turn the area into a world-class tourism city operating year-round, rather than being confined solely to the summer season. (QNA)
