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Sun 23 Oct 2011 05:22 PM

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Qatari Diar to invest $543.8m in Egyptian projects

State-backed real estate unit says twin projects will create 4,000 jobs in Egypt

Qatari Diar to invest $543.8m in Egyptian projects
Qatar will help fund a coastal resort and the Cairo-based Nile Corniche project

Qatari Diar Real Estate Investment Company on Sunday said it had signed a contract worth more than $543.8m for projects in Egypt.

The contract with with Consolidated Contractors Company allots $464.3m to the company's Nile Corniche project in Cairo and $79.5m to its coastal resort project in Sharm El Sheikh.

Qatari Diar Egypt also announced a tripartite agreement between Qatari Diar, Consolidated Contractors Company and Silatech to provide employment opportunities to Egyptian workers and graduates.

Qatari Diar said the projects would provide a total of more than 4,000 job opportunities through the agreement.

Mohamed bin Ali Al Hedfa, Group CEO of Qatari Diar, said: "This agreement is a testament to our commitment to bringing these two signature mixed-use developments to life.

"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 projects aimed to create "an exciting, new urban environment".

The Nile Corniche project, which includes a five-star St Regis hotel, extends across 9,360 sq m and will include two towers with a range of residential and hotel accommodations.

The North Tower will contain 28 levels of luxury apartments, while the St Regis hotel will occupy 10 levels of the South Tower with 17 additional levels of hotel, serviced, and luxury apartments.

Retail outlets, restaurants and various office spaces will occupy an additional 197,000 sq m of space, along with a 647-space underground car park, a library, children's centre and indoor and outdoor swimming pools.

The first phase of construction for Qatari Diar's Sharm El Sheikh resort is expected to be completed in June 2012.

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