Qatar to invest 18 billion dollars in Egypt
Qatar’s Prime Minister and Foreign Minister HE Sheikh Hamad bin Jassim bin Jabor Al Thani have announced that Qatar is planning to invest $18 billion in the Egyptian economy. The majority of the money will be invested in infrastructure, energy and tourism. The press release as published on the Qatar News Agency website is as follows:
‘Speaking at a press conference following his meeting with the Egyptian President Mohamed Morsi here today, HE Sheikh Hamad bin Jassim bin Jabor Al-Thani said “The State of Qatar plans to invest USD 18 billion in Egypt over the coming five years including USD 8 billion to be allocated for diverse projects in East Port Said region, eastern Egypt including power plants, and liquefied natural gas (LNG) plants , while the remaining USD 10 billion will finance a mega tourism project in the northwestern coasts of Egypt (Marina) .
HE Sheikh Hamad bin Jassim added that conducting feasibility studies and designs for the projects will begin soon.
HE the Premier and Foreign Minister also stressed that Qatar intends to execute several housing projects in various parts of Egypt including the Fifth Settlement, Ghardaqha and Sharm El-Sheikh.
HE Sheikh Hamad bin Jassim bin Jabor Al Thani said that this the first time a timetables for investments with the Egyptian government have been set, pointing out that all the agreements that had been made in the past did not set any timetables, a matter which he said underlines the seriousness of the current Egyptian government and its real desire in cooperation with the State of Qatar to build a strong investment.
HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Thani said he agreed with President Morsi to activate all the previous agreements between the two countries and to find other agreements that pave the way for more cooperation aspects, stressing that Qatar and its people are committed to supporting Egypt unconditionally in order to go through this difficult phase, especially, HE the Premier and Foreign Minister added, that it is the senior sister to all Arab countries.
HE the Premier noted that Qatar differentiate between unconditional support and investment based on bilateral economic studies in order to achieve mutual profit, pointing to his commitment of a clear timetable to president Morsi for the implementation of all projects.
In this regard, HE Sheikh Hamad bin Jassim explained that there are two ways of supporting the Egyptian economy; the first is a $2-billion unconditional deposit in the Central Bank of Egypt, and the second is establishing joint projects and pumping investments in Egypt in favor of the two countries. HE added that these investments are profitable to both Qatar and Egypt and generate employment opportunities for Egyptians, expressing confidence in the future of cooperation between Egypt and Qatar, especially since the Egyptian economy is on its way to recovery and that ample investment opportunities in Egypt are on the rise.
HE the Prime Minister and Foreign Minister praised the Egyptian president’s two speeches before the Non-Aligned Movement (NAM) summit and the Arab League Council, where Morsi stressed the necessity to reach a peaceful solution quickly to the crisis Syrian without foreign intervention. HE the Prime Minister considered Morsi’s speeches a sign of Egypt’s return to its leading role that Arab countries expect.
Asked about the possibility of Qatar joining the quartet committee for solving the Syrian crisis, HE Sheikh Hamad bin Jassim bin Jabor Al Thani said that “Qatar does not seek roles, but supports any efforts aimed at resolving the Syrian crisis.”
For his part, Egyptian Prime Minister Hesham Qandil said that an agreement was reached with Qatar on the investment of more than $8 billion in various activities in Egypt, notably a project for the production of iron and electric power in east Port Said, which will be completed within five years, and the establishment of a $10 billion Mediterranean marina to attract tourism, in addition to increasing flights between the two countries and facilitating travel procedures.
“The Qatari government is committed to the $2-billion sum of financial support that it assigned for Egypt, with half a billion already paid during the month of Ramadan, and the rest is set to be paid over this month, and the next two months in three batches, each batch of them is worth half a billion dollars,” said Qandil.
He added that it was agreed upon to solve all the problems of Qatari investors, whom investments are mainly in real estate, stressing that Egypt needs to raise the investment rate in the private sector to 170 billion pounds, and in the public sector to 100 billion pounds.’