Qatari Diar Real Estate Investment Co., the real-estate arm of the Persian Gulf country’s sovereign-wealth fund, signed a $543.8 million contract with Consolidated Contractors Co. to develop two projects in Egypt, according to an e-mailed statement from the Doha-based company.
The contract allocates $464.3 million to Qatari Diar’s “Nile Corniche” project in Cairo and $79.5 million to a coastal resort development in Sharm El Sheikh, it said. The projects will create 4,000 jobs in Egypt, the company said.
“This agreement is a testament to our commitment to bringing these two signature mixed-use developments to life,” Mohamed bin Ali Al Hedfa, group chief executive officer, said in the release. “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.”
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