Qatar to invest $5bn in Egypt as ties improve

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Egypt says the determination is meant to fortify economical and concern practice betwixt 2 ‘brotherly’ countries.

Published On 29 Mar 2022

Qatar volition put $5bn successful Egypt, officials person said, signalling expanding betterment successful ties betwixt the 2 nations.

The announcement came connected Tuesday arsenic Qatar Foreign Minister Mohammed bin Abdulrahman Al Thani wrapped up a sojourn to the Egyptian superior of Cairo, wherever helium met Egyptian President Abdel Fattah el-Sisi and different authorities officials.

An Egyptian connection said the $5bn bundle is meant to “strengthen economical and concern practice betwixt the 2 brotherly countries”.

The connection didn’t supply further details specified arsenic a timeframe for the investments. Qatar’s state-run quality bureau besides reported the development.

The warfare has besides impacted the captious tourism sector, arsenic astir overseas visitors to the country’s Red Sea resorts person travel from Russia and Ukraine. Egypt is besides the world’s largest importer of wheat, astir of it coming from Russia and Ukraine.

Al Thani, who is besides Qatar’s lawman premier minister, arrived successful Egypt connected Monday connected his second visit since Egypt and 3 Gulf nations ended a blockade of Qatar past year. He was accompanied by Finance Minister Ali bin Ahmed Al Kuwari.

El-Sisi, who met the Qatari ministers connected Tuesday, hailed “the tangible progress successful the people of Egyptian-Qatari relations,” according to the Egyptian leader’s office.

The Qatari officials besides met Prime Minister Mostafa Madbouli and Finance Minister Mohamed Moait. The premier minister’s bureau announced the concern agreement.

Qatar’s erstwhile concern successful Egypt has focused connected the existent authorities and lipid sectors, including the gathering of a $1.3bn luxury edifice connected Cairo’s Nile Corniche. Qatar Petroleum held a large involvement successful a $4.4bn refining firm, according to the state-run Al-Ahram daily.

In a associated quality league Monday with Foreign Minister Sameh Shoukry, Al Thani said Qatar’s ties with Egypt were improving “after we overcame the erstwhile period, which was marred by immoderate tensions”.

A declaration successful January 2021 ended a diplomatic situation that began successful 2017 with a rift betwixt Egypt, Saudi Arabia, the United Arab Emirates and Bahrain connected 1 broadside and Qatar connected the other.

The 4 countries had imposed a blockade connected Qatar and hoped an embargo and media blitz would unit it to extremity its adjacent relations with Turkey and Iran.

Since the quality ended, ties betwixt the 5 countries person improved and apical officials person exchanged visits. Al Thani visited Cairo successful May and met with el-Sisi.

The Egyptian person besides met doubly with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani — erstwhile successful November connected the sidelines of a clime alteration acme successful Glasgow and astir precocious successful February erstwhile they attended the opening of the Olympic wintertime games successful Beijing.

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