Egypt s Prime Minister Mostafa Madbouly discussed with ministers the means to explore opportunities for boosting Egyptian-Qatari investments and partnerships in a cabinet meeting on Tuesday (Photo courtesy: Cabinet s official Facebook page)
During a cabinet meeting, Minister of Planning and Economic Development Hala El-Said said she has recently discussed with Qatari officials means to advance joint investments in multiple sectors, prime among which are petrochemicals, tourism, and real estate.
Minister of Trade and Industry Nevine Gamea said she has recently held a meeting with the Qatari Businessmen Association to explore the potential for boosting Qatari investments in the Egyptian market.
In March, Cairo and Doha agreed on a $5 billion package of Qatari investments in Egypt during a visit to Cairo by Qatar’s Minister of Foreign Affairs and Deputy Prime Minister Mohamed bin Abdul-Rahman Al Thani.
Also in March, Cairo and Qatar established a joint committee headed by their foreign ministers to enhance cooperation across all sectors.
In June, Qatari Emir Tamim bin Hamad Al Thani said — in his first visit to Egypt since Cairo and Doha agreed in January 2021 to resume diplomatic relations after more than a three-year diplomatic rift that ended in January 2021– that his country is keen to continue boosting cooperation and maximising investments in Egypt in various fields.
During his meeting in Cairo with President Abdel-Fattah El-Sisi, Tamim affirmed Qatar’s keenness to make use of the broad range of investment opportunities available in Egypt.
Also in June, Egypt and Qatar signed on the sidelines of the Qatar Economic Forum in Doha an MoU on financial policy coordination to foster cooperation and coordinate financial visions, positions, and policies at the bilateral and international levels.
Minister Gamea and her Qatari counterpart Mohammed bin Hamad bin Qassim Al Thani agreed in a meeting in Doha on reactivating the Egyptian-Qatari Business Council.
Gamea cited industrial partnerships between 4,500 Egyptian and Qatari companies as models for further cooperation.
Egypt is seeking to attract Arab and international investors and increase the role of the private sector in the economy to take advantage of new state ownership policy that delineates the state presence in certain sectors of the economy.
According to the policy, the government will exit 15 economic activities across seven sectors over the coming three years, including agriculture, water, sanitation, desalination, telecoms and IT, retail, food and beverages, as well as construction.
The government will also exit a number of activities across the leather, timber, engineering, jewellery, chemical, textile, printing, and pharmaceutical industries.