Egyptian Minister of Housing to Al Arabiya: The Alam Al-Rum project will provide about 250,000 job opportunities

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The Minister of Housing, Utilities and Urban Communities in Egypt, Randa El-Minshawy, said that the “Alam Al-Rum” project on the Egyptian northern coast will provide about 250,000 job opportunities.

Qatari Diar launched the implementation of the first phase of the “Alam Al-Rum” project, which is being implemented in partnership with the Egyptian government with total investments amounting to $29.7 billion, including $3.5 billion in direct cash investments, with the first phase being delivered during the year 2030.

Al-Minshawi added, in an interview with Al Arabiya Business, that the Ministry of Housing had finished approving the general plan for the “Alam Al-Rum” project, and accordingly, the Qatari Diar company applied to obtain approval to establish an investment zone in the project.

She explained that the investment zone, residential areas in the “Alam Al-Rum” project, the marina, commercial buildings, and others will provide investment opportunities and direct or indirect job opportunities amounting to 250,000 job opportunities.

Al-Minshawi said that the Ministry of Housing has a specialized unit for partnership projects with the private sector, as it follows up through monthly reports through new city agencies the stages of project development and the receipt of in-kind or cash shares in these projects.

She added that the Ministry will announce new proposals for partnership with the private sector, as it works to maximize the use of lands, investments, and areas in all new cities.

She indicated that the size of the assets of the Real Estate Investment Fund, which consists of Urban Communities Authority projects, will soon be revealed.

The Egyptian Ministry of Housing is working to establish a real estate investment fund that aims to maximize the economic return on the assets of the Urban Communities Authority, attract local and foreign capital and investments, and provide new sources of liquidity and financing, in addition to creating a diversified and growable real estate portfolio that achieves attractive investment returns and supports the sustainability of revenues.