Arab Finance: The Alam Al-Roum project, a joint development scheme between Egypt and Qatar, is expected to achieve a huge return for all parties, Minister of Finance  Ahmed Kouchouk told Asharq Business.

Kouchouk added that the development project will boost job creation, sustainable economic returns, and foreign direct investment (FDI).

The agreement includes a cash price of $3.5 billion as well as an in-kind consideration of nearly $1.8 billion.

He elaborated that the percentage of profits will depend on the project and its success, adding that the area is an attractive spot for tourists.

Earlier, on November 6^th, Qatari Diar and the New Urban Communities Authority (NUCA) signed the development agreement at $29.7 billion.

Meanwhile, Reuters reported that the project will span an area of 1,985 hectares (4,900 acres) along a 7.2-kilometer stretch of coastline.

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