(Updates with Qatari Diar’s chief executive officer in second paragraph.)
Oct. 23 (Bloomberg) -- 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.”
Qatar has sought to shore up Egypt in its transition toward civilian rule following the revolt that toppled President Hosni Mubarak in February. The emirate gave the North African country $500 million in aid earlier this month and, according to a May report by the state-run Qatar News Agency, may invest in a $9 billion new port in the country.
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.
--Editors: Andrew Langley, Andrew J. Barden
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