Egypt and Qatar cement economic ties with $7.5bn investment push

Qatari Prime Minister visits New Alamein for talks to solidify investment plan and calling for Gaza ceasefire

Egyptian Foreign Minister Badr Abdelatty, right, signs agreements with Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani in New Alamein, Egypt, on Thursday. Reuters

Egyptian Prime Minister Mostafa Madbouly met Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani on Thursday to discuss activating a $7.5 billion Qatari investment package and deepening bilateral co-operation across political and economic sectors.

The meeting, held at the Egyptian government's headquarters in New Alamein, underscored the growing strategic ties between the two nations, with both leaders highlighting their shared commitment to advancing joint economic ventures and addressing pressing regional challenges.

Mr Madbouly welcomed his Qatari counterpart and praised the “qualitative leap” in Egypt-Qatar relations over the past year, emphasising the importance of building on the outcomes of Egyptian President Abdel Fattah El Sisi’s visit to Qatar in April.

That visit saw Doha pledge $7.5 billion in direct investments, which both sides are now working to implement.

“This investment package represents a significant step in our partnership and reflects Qatar’s confidence in the Egyptian economy,” Mr Madbouly said, according to a statement from his office.

“We are committed to creating an environment that facilitates these investments and enhances the trust of Qatari businesses in the opportunities available here.”

The Qatari Prime Minister expressed his gratitude for the warm reception and underscored his country's dedication to strengthening ties with Egypt.

“The leadership in both countries is determined to expand the frameworks of co-operation in various fields,” Sheikh Mohammed said during a joint press conference with Egyptian Foreign Minister Badr Abdelatty after the meeting.

Mr Abdelatty provided further details of the investment package, which targets key sectors such as agriculture, food security, real estate, tourism, and hospitality.

“Qatar’s commitment to pump $7.5 billion into the Egyptian economy has been confirmed. We have, in fact, begun this process and outlined specific ventures to be announced in the coming weeks during a grand ceremony that reflects the depth of our relations,” Mr Abdelatty said.

He also cited the Egyptian government’s recent reforms aimed at attracting foreign investment, including changes to tariffs, taxes and customs fees, as well as incentives introduced through updated investment legislation.

Trade between Egypt and Qatar has surged by 54 per cent over the past year, Mr Abdelatty noted, calling it a testament to the growing economic partnership between the two nations.

The talks also addressed continuing regional conflicts, particularly the war in Gaza, which both sides described as the Arab world’s most urgent issue.

Egypt and Qatar, working closely with the US, have been at the forefront of ceasefire negotiations aimed at halting Israel’s military campaign in the enclave.

“We are trying to achieve a deal that includes a 60-day ceasefire during which further negotiations can be held to release the Israeli hostages and deliver aid to the enclave,” Mr Abdelatty said.

Both he and Sheikh Mohammed stressed their countries’ opposition to any attempts to forcibly displace Palestinians from their land.

Sheikh Mohammed reaffirmed Qatar’s commitment to humanitarian efforts and praised Egypt’s role in facilitating aid to Gaza. “This is a time for unity and decisive action to alleviate the suffering of the Palestinian people,” he said.

The meeting concluded with both sides agreeing to hold further discussions through the Egyptian-Qatari Joint Higher Committee, which signed multiple agreements on Thursday, including a co-operation deal on social insurance and a memorandum of understanding in agriculture.