A Qatari state-owned real estate company will make a $3.5 billion cash investment in Egypt, according to people familiar with the matter, in the latest Gulf backing for the North African economy.

Qatari Diar, a unit of the sovereign wealth fund, will announce the investment in a project on Egypt’s Mediterranean coastline on Thursday, said the people, who asked not to be named discussing private matters.

The focus will be developing tourism sites, other real estate projects and golf courses, with the aim of attracting regional and international visitors, according to the people.

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Qatari Diar has also committed to an in-kind investment of about $26 billion, they said, without giving a timeframe. The project will

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