Qatar to invest $5 billion in Egypt as ties improve and returns to normal

After years of hostility, preparing black plans, trying to overthrow the regime, and bloodshed to restore Muslim Brotherhood rule to Egypt and describing the current political leadership as a coup, Qatar is back in Egypt by all means after the restoration of relations following the Al-Ulaa Agreement in Saudi Arabia.

After the Al-Ulaa agreement, Qatar rushed to Egypt with several steps, foremost of which was the abandonment of its first ally, the Muslim Brotherhood terrorist group, and the last of these steps was to pump investments worth 5 billion dollars in Egypt.

The move came after the Egyptian prime minister discussed bilateral relations with the Qatari foreign and finance ministers and the importance of strengthening co-operation and co-ordination in various fields, as well as agreeing on a package of investments and partnerships in Egypt totaling $5 billion.

Last Tuesday in Cairo, Egyptian Prime Minister Mostafa Madbouly, Qatar’s Foreign Minister Mohammed bin Abdulrahman Al-Thani, Finance Minister Ahmed Al-Kuwari and Qatar’s ambassador in Cairo attended a meeting between Egyptian Minister of Planning and Economic Development Hala Helmy Al-Saeed and Egyptian Minister of Finance Mohamed Moeit. The meeting discussed bilateral relations and the importance of strengthening cooperation and coordination between the two countries in various fields.

The two sides praised the step of forming a joint high committee headed by the foreign ministers of the two countries, with the aim of continuous consultation and strengthening cooperation and coordination in all fields, and agreed on a set of investments and partnerships in the Arab Republic of Egypt totaling $5 billion in the coming period, according to the statement of the Egyptian cabinet.

Doha renewed that step today, and Qatar expressed its aspiration to make new agreements with Egypt, as Egyptian Minister of Finance, Mohamed Moeit, met with his Qatari counterpart, Ali Al-Kuwari, who confirmed the status that Egypt enjoys in the hearts of the Qatari people, expressing his aspiration to support and develop relations between the two countries in various fields, and to open new horizons for the exchange of experiences and visions related to financial policies between the two ministries.

The Qatari minister stressed that Egypt is an attractive destination for Qatari investment, which already enjoys a positive climate, explaining Qatar’s interest in exploring new opportunities to increase investments in Egypt.

The two sides agreed to start updating the frameworks of the Double Taxation Agreement between the two countries to encourage joint investment, work on concluding a technical cooperation protocol, and coordinate policies and exchange experiences between the two ministries.

Earlier last year, Qatar’s Foreign Minister Sheik Mohammed bin Abdulrahman bin Jassim Al Thani echoed Egypt in several statements, saying that Egypt is one of the largest countries in the region and plays a leading role in regional issues.

He continued: “Our relationship with Egypt has passed through stages with many tensions, but the minimum level of the relationship was maintained even during the crisis, in terms of not affecting Qatari investments or facilitating the stay of Qatari students in Egypt, which was assessed by Qatar”, he added. “When I turned the page on disagreement with the Gulf and Egypt, Qatar looked forward to working together with Egypt. We do not have many outstanding issues with Cairo, and there is positive progress in the work of the bilateral committees that meet in both countries”.