Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Bloomberg News

Qatari Diar to Invest $543.8 Million in Egyptian Projects

October 23, 2011

(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

To contact the reporters on this story: Robert Tuttle in Doha at; Maher Chmaytelli in Dubai at

To contact the editor responsible for this story: Maher Chmaytelli at

blog comments powered by Disqus