Tourists visit the Ageeba Beach near the north coast city of Marsa Matrouh, Egypt, in March 2022. Marsa Matrouh, a resort city on the Mediterranean coast, is famous for its soft white sandy beaches. Xinhua/Shutterstock

Since the 1960s, Egypt’s North Coast has been a popular vacation spot with the nation’s wealthy elite. But now, its 650-mile-long Mediterranean shoreline is undergoing an unprecedented, and rapid, real estate transformation.

Over the past two decades, an estimated $70 billion has been poured into the North Coast for city-scale projects, including holiday resorts, residential neighborhoods, and industrial zones — and at least $150 billion more in investment is expected in the coming decades, according to analysis from PwC Middle East.

This money is largely coming from G

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