Qatar: Qatar is gearing up to channel $1.5 billion into Egypt ‘s industrial sector in 2024. The bold investment plan, unveiled by Yahya El-Wathiq Billah, the head of the Commercial Representation Authority at Egypt’s Ministry of Trade and Industry, is a pivotal component of Qatar’s expansive economic strategy revealed last March, allocating a total of $5 billion to fortify the Egyptian economy.
The announcement unfolded during the Egyptian-Qatari Economic Investment Forum, a high-profile gathering attended by key figures, including Egypt’s Minister of Trade and Industry, Ahmed Samir, and his Qatari counterpart, Mohammed bin Qassim. The forum shed light on the escalating trade relations between the two nations, with El-Wathiq Billah disclosing a remarkable 47% surge in trade exchange throughout 2022.
This substantial investment signifies a strategic shift for Qatar, moving beyond traditional sectors such as financial services, tourism, and real estate to focus intently on Egypt’s burgeoning industrial landscape.
During the forum, Minister Samir emphasized Egypt’s unwavering commitment to attract investments from Qatari companies. Echoing this sentiment, Bin Qassim underscored Qatar’s standing as a primary investor in the Egyptian market, with investments exceeding $5.5 billion across the financial, real estate, and energy sectors.
These recent developments align seamlessly with Egypt’s overarching goal to attract foreign investments, particularly from Gulf countries, as it navigates challenges related to diminishing reserves of US dollars.
The recent diplomatic reconciliation between Egypt and Qatar has paved the way for strengthened bilateral relations. As per the Central Agency for Public Mobilization and Statistics, trade exchange between the two nations has witnessed a substantial uptick, soaring by 76.2% to $80.1 million in the first 11 months of 2022, compared to $45.5 million in 2021.
Official data also positions Qatar as the third-largest Arab state investor in Egypt, with 160 Qatari companies injecting investments totalling nearly $2 billion.