Egypt, Qatar eye setting up joint investment trust: Minister

Doaa A.Moneim , Tuesday 28 Feb 2023

Egypt and Qatar are considering creating a joint investment fund, Egypt’s Minister of Planning and Economic Development Hala El-Said told Bloomberg on Tuesday on the sidelines of the Egyptian prime minister’s visit to Doha started on Sunday.

Egypt's Prime Minister Mostafa Madbouly witnesses the signing of MoUs with Qatari companies in the field of health care, 28 February 2023. Cabinet


El-Said did not reveal more details.

On Sunday, Egypt’s Prime Minister Mostafa Madbouly started an official visit to Qatar with the aim of boosting economic and venture relations between the two countries.

Egypt is currently seeking the support of the GCC market amid the severe economic downturn as a result of the Russian-Ukrainian conflict, which has resulted in soaring inflation, a shortage in the country’s hard currency, particularly the US dollar, and the exodus of about $25 billion in hot money.

According to the International Monetary Fund (IMF), Egypt will suffer a financing gap estimated at $17 billion over the coming four years. Egypt seeks to bridge this gap by securing about $15 billion from international financial institutions, including the IMF, and from the sale of a group of valuable state-owned assets.

On Monday, the two sides inked a dual taxation elimination agreement, which should have a tangible impact on increasing Qatari investments in Egypt, Qatar’s prime minister said.

The agreement addresses several areas including capital gains, income tax, interest rates, corporate profits, and dividends.

Egypt and Qatar also signed on Tuesday three MOUs aim at boosting and supporting healthcare services in Egypt.

The three agreements were inked by the Egyptian health ministry’s advisor for governance and technical affairs Mohamed El-Tayeb and a number of Qatari healthcare providers.

Egypt’s Minister of Health and Population Khaled Abdel-Ghaffar said that these MOUs are in line with the state’s vision to promote partnership with the private sector in various areas, especially the health sector, where the aim is to improve the efficiency of medical, pharmaceutical, and healthcare services.

According to the MOUs, Egypt’s health ministry will determine which establishments the Qatari firms will invest in and operate, as well as facilitate the process of issuing the licences and other related procedures.

For their part, the Qatari companies’ representatives asserted the importance of signing these MOUs in terms of paving the way for broader Egyptian-Qatari cooperation in the healthcare sector.

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