Qatar and Egypt have agreed to move forward on a planned package of $7.5 billion in direct Qatari investments, according to a joint statement from the Egyptian presidency.
The announcement comes as Egypt intensifies efforts to secure financial support from Gulf allies and international partners to manage its foreign debt burden and address a widening budget deficit. While the statement did not disclose specific details about the investment package, the commitment was made during Egyptian President Abdel Fattah al-Sisi’s visit to Qatar, where he met with Emir Sheikh Tamim bin Hamad al-Thani.
This follows a major investment agreement signed in 2023 between Egypt and Abu Dhabi’s ADQ sovereign fund, involving the development of Ras El Hekma on Egypt’s north coast. That deal was expected to yield $35 billion in short-term investments, including $24 billion for land rights, providing a much-needed financial boost for Egypt.
Source: Reuters
