UAE-based investment firm Global Sphere has signed a $204m agreement to develop a luxury hotel in Egypt’s North Coast area. The 500-room hotel will be developed in the El-Alamein area, about 100 kilometres from Alexandria.

Global Sphere is currently studying several education, tourism and agriculture schemes across Egypt, according to a company statement.

Egypt’s real estate market has been buoyant since the investment conference held in Sharm el-Sheikh in March, with several tourism projects announced in recent months. A statement from US–based JLL in June says: “The growing confidence in the Egyptian economy in general, and the real estate market in particular, has resulted in a number of major investment projects with the backing of Arab governments from the GCC.”