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Qatari Diar, the real estate arm of Doha’s sovereign wealth fund, will enter into a partnership deal to develop a project on Egypt’s Mediterranean coast with investments worth $29.7bn, a source with direct knowledge told Reuters on Wednesday.
The agreement with Egypt’s New Urban Communities Authority includes a payment of $3.5bn for the land and an in-kind investment of $26.2bn to build the project that will cover an area of 4,900 acres along a 7.2 km stretch of coastline.
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