CAIRO, Dec. 30 (Xinhua) -- Egypt has received 3.5 billion U.S. dollars as part of a major Qatari-backed investment deal to develop a large-scale real estate and tourism project on the country's Mediterranean coast, the Egyptian cabinet said on Tuesday.
The payment represents the cash portion of an investment agreement signed in early November between Egypt's New Urban Communities Authority and Qatari Diar Real Estate Investment Company, the cabinet added in a statement.
The deal covers the development of a land plot in the Samla and Alam Al-Roum area along Egypt's northwestern Mediterranean coast in Matrouh province.
Egyptian cabinet spokesman Mohamed El-Homosany said that the New Urban Communities Authority will receive 15 percent of the project's net profits after the full recovery of investment costs, in accordance with the terms of the agreement.
The project is part of a broader investment framework, under which Egypt and Qatar agreed on a 29.7-billion-dollar plan to establish an integrated coastal destination spanning more than 20 million square meters.
The development is set to feature residential areas, tourism and commercial facilities, hotels, educational institutions, and government service buildings, aiming to attract residents and tourists year-round and support Egypt's tourism-led growth strategy. ■