Qatar to invest over $7bn in Egypt’s economy

Saudi Arabia in joint fund

Abu Dhabi also investing

Qatar has pledged to invest $7.5 billion in Egypt as the North African country seeks to attract new money and boost economic growth, the countries said in a joint statement.

The commitment was given during a meeting between Egypt’s President Abdel Fattah El-Sisi and Qatar’s Emir Sheikh Tamim Bin Hamad A-Thani, the state-owned State Information Service reported.

No details of the proposed investment were given.

Egypt is in the middle of a IMF-mandated reform programme under which it is committed to sell state assets but its economy has been hit by inflation, exchange rate depreciation, and an unresolved system of subsidies.

At the weekend officials said that Egypt and Saudi Arabia are planning to create a joint fund to carry out real estate projects in the two countries.

Last February Abu Dhabi sovereign wealth fund ADQ unveiled plans to invest $35 billion to build the “largest new city” in Egypt and drive economic growth.

The fund acquired the development rights for Ras El Hekma on Egypt’s Mediterranean for $24 billion and plans to develop the region as a Mediterranean holiday destination, including a free zone.

Qatari investment in Egypt rose to $619 million during 2023/24, up from $548 million in the previous year, according to data released by the Central Agency for Public Mobilization and Statistics (Capmas).

Bilateral trade reached $128 million in 2024 from $72.1 million in 2023.

Meanwhile, Egypt’s exports to Qatar more than doubled $93 million year on year in 2024.

Egypt’s imports from Qatar reached $35 million in 2024, compared to $28 million in 2023, the report said.

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