Egypt and Qatar signed a partnership deal on Thursday to develop a luxury real estate and tourism project on Egypt’s Mediterranean coast, part of Doha’s $7.5 billion investment pledge to Cairo, Egyptian state TV reported.

Reuters reported on Wednesday that Qatari Diar, the real estate arm of Doha’s sovereign wealth fund, would invest $29.7 billion in the project, which will include golf courses and marinas in Alam Al-Roum, an undeveloped 7-kilometre (4.4-mile) stretch of coastline about 480 km northwest of Cairo.

Egypt has for years sought to attract foreign investment, particularly from wealthy Gulf states, as it struggles with heavy foreign debt and a widening budget deficit.

According to the Qatar News Agency (QNA) officials, the deal marks a major step in deepening Qatari-Egyptian e

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