Qataris to Build Egypt’s Tallest Building and $21.6 Billion in Construction Projects

By Aprille Muscara On Feb 12, 2015

nilecorniche — Artist’s rendering of the planned Nile Corniche project, which will house Egypt’s tallest building.

The Egyptian Ministry of Defence has granted Doha-based Qatari Diar permission to build $21.6 billion worth of construction projects aimed at boosting tourism in Egypt.

According to Tourism Development Authority (TDA) head Serag El-Din, the projects will include hotels, malls, apartments, townhouses and villas in North and South Sinai.

The U-shaped Nile Corniche mixed-use development is also slated for construction, and will be composed of three towers that will house the five-star hotel St. Regis, offices and apartments. One of the towers will be 31 stories and 136 meters high, making it the tallest building in Egypt.

Qatari Diar's planned Sharm El Sheikh development. — Qatari Diar’s planned Sharm El Sheikh development.

A development is also in the works for Sharm El Sheikh, and will encompass a whopping 437,000 square meters, featuring residential villas and townhouses, office and retail space and luxury hotels.

Doha-based real estate investment company Qatari Diar was established in 2005 by the Qatar Investment Authority and has operations in 29 other countries.

Qatar has previously pledged to invest $428 million to help boost Egypt’s struggling tourism industry.

WE SAID THIS: Don’t miss Egypt’s Tourism on the Rise: Hurray!