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Qatari investments in Egypt are safe: Minister Sahar Nasr

The minister's statement comes after Egypt and several other Arab countries cut diplomatic relations with Qatar Monday

Ahram Online , Wednesday 7 Jun 2017
Sahar Nasr
A file photo of minister Sahar Nasr (Photo:Al-Ahram Arabic website)

Egypt's Minister of Investment and International Cooperation Sahar Nasr said Wednesday that Qatari investments in Egypt are protected in accordance with Egyptian law, state-owned MENA news agency reported.

In a short statement, Nasr said that the Egyptian state respects its agreements and contracts and that Qatari investments were protected even though Egypt has cut diplomatic relations with the Gulf state.

"Egypt provides a safe atmosphere for investments whether for individuals or corporations," Nasr said.

According to General Authority for Investment and Free Zones (GAFI) data in 2017, there are 210 Qatari companies that have been investing in Egypt since 1970 with total investments of $1.105 billion in several sectors, led by the service sector.

Qatar ranks ninth among countries with foreign direct investment in Egypt in 2017 according to Al-Ahram daily newspaper.

Egypt, Saudi Arabia, the UAE, Bahrain, Yemen and the eastern-based government of Libya cut diplomatic ties with Qatar Monday, saying that Doha supports terrorist organisations and interferes in the internal affairs of countries in the region.

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