Egypt is ready to double its Gulf-sponsored multi-billion-dollar Mediterranean Sea resorts. Qatar has pledged $29.7bn in direction of “remodeling Alam El Roum right into a coastal vacationer and funding vacation spot,” in keeping with a 6 November Egyptian Cupboard assertion. The UAE final 12 months pledged to take a position $35bn in growing the Ras el-Hekma resort.
Qatar Funding Authority’s (QIA) subsidiary Diar can pay $3.5bn for the land, which is positioned 285km west of Alexandria close to Marsa Matruh, and make investments an extra $26.2bn to assemble and develop the challenge, the assertion says. Development is scheduled for subsequent 12 months with the primary part set to be accomplished inside 4 to 6 years, whereas the complete challenge will take 15 years to finish. (CONTINUED – 157 WORDS)
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