Egypt's Prime Minister Mostafa Madbouly said Egypt and Qatar will cooperate on a 'very important' real estate investment project on Egypt's north coast, according to a cabinet statement on Wednesday.

The statement comes during a visit from Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani to Egypt, where he met Egypt's president and the foreign minister.

Neither Qatar's International Media Office nor the Qatar Investment Authority immediately responded to Reuters' request for comment.

Madbouly added there was a 'request' from the Qatari side for tourism investment opportunities in the north coast region, along the Mediterranean, a request welcomed by Egypt.

Egypt in February signed a $35 billion investment deal with the United Arab Emirates to develop the Ras al-Hikma peninsula west of Alexandria, as Egypt has been struggling with a prolonged shortage of foreign currency and rapid inflation.

(Reporting by Nayera Abdallah and Moamen Saeed Atallah, additional reporting by Andrew Mills, writing by Yomna Ehab; Editing by Alexandra Hudson)