Qatar, Egypt working on $7.5bn investment deal 

Qatar and Egypt have said that they are ‘working towards’ an investment package for the North African country, to boost economic growth and promote investment and economic exchange. 

The joint statement came as Egyptian President Abdel Fattah El-Sisi wrapped up his visit to Qatar as part of a broader Gulf tour. The announcement did not detail any further specifics. 

Qatar is the latest GCC country to invest in Egypt as the country emerges on the other side of a foreign-currency crisis and is looking to beckon investments to bolster its economy. The UAE committed $35 billion last year – billed as Egypt’s biggest foreign direct investment - to develop the coastal village of Ras El-Hekma into a Mediterranean holiday destination. 

Last week Saudi officials discussed investment opportunities in a gathering in Cairo last week, as the North African country launches the ‘Golden License’ for companies establishing strategic projects there.

Egypt has made efforts to revive its foreign direct investment, rising $46.1 billion last year, rising from $9.8 billion the previous year, according to the country’s minister of investment and foreign trade.