Qatar's Emir leaves $2 billion 'deposit' to Egypt after meeting President Morsi

Ahram Online, MENA, Saturday 11 Aug 2012

Qatar's crown prince Emir Hamad Bin Khalifa Al-Thani arrives to Egypt to meet with President Mohamed Morsi to discuss relations between the two countries, promises more Gulf money

Morsi and Hamad
Egypt's President Mohamed Morsi (R) meets with Qatar's Emir Sheikh Hamad bin Khalifa al-Thani at the presidential palace in Cairo (Photo: Reuters)

The Qatari Emir met with President Mohamed Morsi on Saturday. According to presidential spokesperson Yasser Ali Emir Hamad Bin Khalifa Al-Thani has come to discuss enhancing co-operation between the two countries. 

Following the meeting, the Emir deposited $2 billion in Egypt's Central Bank.

According to the data issued by the Central Bank of Egypt in July 2012, Qatari investments in Egypt climbed 74 per cent in the first quarter of this year.

Following the January 25 revolution and the rise of Islamists to positions of power, questions were raised by anti-Brotherhood forces regarding the nature of the relationship between Qatar and the Muslim Brotherhood. Some critics claim that the group received funds from the Gulf state during the presidential race. Morsi was the Brothehood's candidate, after its first choice Khairat El-Shater was unable to run.

Moreover, other rumours circulated claiming the Brotherhood is planning to rent the Suez Canal to Qatar for ninety-nine years thus undermining Egypt's sovereignty. 

The Brotherhood leadership vehemently denied these accusations.

Meanwhile, the president is scheduled to meet with head of the Suez Canal Authority General Ahmed Fadel on Saturday as well.

Yasser Ali dismissed speculation that the president's meetings with the Emir and General Fadel are connected, describing the rumours of selling the Canal as "absurd and illogical."

"Those who come up with such claims are ignorant of national issues," Ali added.

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