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Qatar's Diar Real Estate Investment Co. has signed a USD 543.8 million contract with Consolidated Contractors Co. to develop two projects in Egypt. The contract allocates USD 464.3 million to "Nile Corniche" project in Cairo and USD 79.5 million to a coastal resort development in Sharm El Sheikh, the Qatari company said in a release.
The two projects are expected to provide 4,000 jobs in Egypt, the company said. "This agreement is a testament to our commitment to bringing these two mixed-use real estate projects to life," Mohammad Al Hadfa, group chief executive officer, said in a statement.
"Through these projects, Qatari Diar aims to support Egypt's real-estate and tourism sectors and the country's strong potential for long-term growth," he said. The 9,360 square-meter Nile Corniche project includes two towers and a St. Regis hotel, Qatari Diar said. The first phase of the Sharm El Sheikh development will be completed by next June.
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