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Qatar to invest $18bn in Egypt over next 5 years
At Thursday press conference, Qatar's foreign minister says his country plans to invest $18bn in Egypt – in energy, tourism and other sectors – over coming five years
Ahram Online, Thursday 6 Sep 2012
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Hamad ben Jassem
File photo: Qatari Prime Minister and head of state Hamad ben Jassem (Photo: Reuters)

Qatar will inject $18 billion worth of investments into Egypt over the course of the coming five years, Hamad Bin Jassim, the oil-rich gulf state's foreign minister, said at a press conference in Cairo on Thursday.

Of the pledged investment, some $8 billion will be allocated to electricity and natural gas projects in areas east of the Suez Canal, where Egypt has longstanding plans to build a massive industrial city. Another $10 billion will go to a planned tourist resort on Egypt's north coast.

In yet another indication of newfound warmth between the two nations, Egyptian President Mohamed Morsi met with Bin Jassim following the latter's arrival to Cairo on Thursday.

In early August, Qatar pledged to deposit $2 billion in the Central Bank of Egypt (CBE) as a means of easing the country's balance-of-payments deficit. The promise was made following a visit by the Emir of Qatar, Sheikh Hamad bin Khalifa Al-Thani, to Egypt, where he too met with Morsi.

Later in August, Qatar deposited the first tranche – worth some $500 million – in the CBE.

Egyptian Prime Minister Hisham Qandil, for his part, said at a Thursday press conference that Qatar would transfer the rest of the pledged $2 billion in three instalments within the next two-month period.

In 2011, Qatar had said it would provide Egypt with a $10 billion grant, with which to support Egypt's post-revolution economy, but only ended up disbursing $500 million later in the year.

Qatar's name has begun to resonate among Egyptian business circles, with Qatar's National Bank recently offering to buy a controlling stake in National Societe Generale Bank, one of Egypt's largest private lenders.



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9



Mona
08-09-2012 11:11pm
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jumping page mistake
Sorry Mister Kevin sir, i did not intent to give you a like..on the contrary.
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Adel Masry
07-09-2012 02:41pm
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Defeating Dark Forces
My ancestors have defeated Mangols and Crusadoers after hundreds yrs of atricities. Iranian and its poppets, Syria, Hamas & Hezballah will be crushed if necessary. The same for Uro-zionists who stole Arabs' land.
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A woman
09-09-2012 01:37pm
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At the door to Europe
Sorry Dalou, but history books tell something else. The mongols for example did not stop in Asia, they once stood even at the door to what is nowadays called Europe. And aren't Syria, Hamas and Hezbollah the real names used worldwide even by Arabs? Or how do you call them? Why this should be Zionist's language only?
Dalou
07-09-2012 11:52pm
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you are the Dark
What are you talking about ...majnoun? Syria, Hamas & Hezbollah (again the language of Zionist), are more Arabs than you with ancestors that defeated Mongols in Asia!!! (???)
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Aladdin
07-09-2012 02:31pm
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Shoukran Ya Amir Arabs
YOur financial investiment is Egypt will have social and political multipliers to stablize ME and weaken our common enemies. Egypt shuld devote part of this money to develop a rapid deployment force to defend the GUlf and bust the illigal drug trade run by Iran. Allah Akber
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6



Free Lady
07-09-2012 12:27pm
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Countering China Intiative?
Bankrupt Americans are using Qatari money and Sheikh to counter Mursi initiative of China visit. President Mursi made a historical political decision by visiting China before America. There is no doubt if Mursi haven't visited China then Qatari will never come to invest in Egypt. With this investment Qatari will bring thousands of foreign mostly American Jew experts to operate companies and take care their investments. Its very sensitive issue and need great focus without being emotional and excited. Politics and business goes in hand in hand. Egypt need to know what type of sacrifices it has to make before and after accepting this investment.
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Mamluk Bahery Giza
07-09-2012 03:28am
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Drug Lords
We know that Iran distributes Sfghanistan opium thru Hamas and Hezballah. It is the drug money, not religion or patriotism, that drive Hamas and Hezballah gang. Ground them before throwing to sea sharkes.
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Mona
08-09-2012 04:15pm
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Big lie
Iran is a rich country it sells Oil not drugs..it hangs drug dealers. Hezbollah and Hamas are grassroots eReligion and Patriotism resistance to Israeli "Mamluks".
Dalou
07-09-2012 11:57pm
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Drug Lords
Go see a Doctor you need medicine for your brain!
Kevin
07-09-2012 08:09pm
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Research...
@Free Lady: Heed your own advice. Do some research, you will see that Iran is deeply involved with Hamas and Hezbollah, both terrorist organizations wouldn't think twice about killing Egyptians. These organizations are responsible for the strife in the Middle East, including the border between Egypt and Israel.
Mona
07-09-2012 06:50pm
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Drug Lords are in America
When i read "Hamas and Hezballah" i know were it comes from. Mamluk hillarius name makes me wonder if they think Arab are stupids. Americans are traffiking Opium in Sfghanistan. Iran is a ancient country who has culture and civilisation, they combat drugs, as for Hezbollah, drugs are forbiden by their Religion or call it Sharia i don't care. Hamas dont deal with drugs just with Israeli abuse.
Free Lady
07-09-2012 12:28pm
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Big lie
Before writing any comment its better if you make some research.
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Moan ABdel-Aziz, Alex
07-09-2012 03:24am
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Name a destroyer After him
Thank you for your vision and kindness. We should anme a new destroyer or submarine run by joint crew after your name Yah AMir Arab. Iranian leaders have wasted the country money on nuke nitemare that will never hatch or dead on arrival. SHoukran
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Amon , Luxor
07-09-2012 03:21am
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THANKS
You made wise, financial decision that will stabilize ME region. The money, will bind our countries together to defeat Iranian Goliath. Iran is on shaky ground and in its way to oblivious. Allah AKber.
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NewEgypt123
06-09-2012 11:01pm
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Foreign Money
This is a nice gesture from Qatar, but the Egyptian Government must examine the consequences of these projects on Egyptian economics and society. Are we selling the nation or is Qatar bailing Egypt out of its problems? I welcome the effort to help Egypt, but we should remember that nobody has Egypt's interests at heart like an Egyptian. Therefore, Egypt MUST fix its economy as soon as possible to stop its dependence on foreign money. In my opinion, I think that they should make good on the $10 billion grant before they are allowed to buy up Egypt. I'm not against this deal because it will put many Egyptians to work, but I think that once this resort is up and running Egypt will see the profits shipped out of the country. I want to see the full $10 billion grant. On the other hand, Egypt is in a bad economic situation now, so any dollar spent in Egypt is a good thing. My point is that Egypt needs to get out of this economic situation so the country will have better leverage t
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1



Dalou
06-09-2012 07:50pm
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Money is thicker than blood
They turned Lebanon into a Mafia State.
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Karim
06-09-2012 10:37pm
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mafia
Just wait after Iran finish the infiltration of the secret service. You will miss the bordello gulf arabs then.
A woman
06-09-2012 10:11pm
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It was already...
Sorry, "they" (the Qataris...) did'nt had to do so, because it was already a "mafia state" since long...

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