PREVIEW
Deal is latest example of increasingly warm ties between Egypt and Qatar
A US$29.7 billion investment from Qatar’s sovereign wealth fund to develop a major real estate and tourism project on Egypt’s Mediterranean coast is the latest evidence of close ties between Doha and Cairo.
Egypt will receive $3.5bn upfront as part of the deal, a major boost to the finance ministry’s coffers. Prime Minister Mostafa Madbouly said that the project on 20 square kilometres plot in the Alam Al-Roum area of Matrouh province would create up to 250,000 jobs during construction and operation.
After a freeze between 2017 and 2021, primarily because of Al Jazeera coverage of Egypt, diplomatic relations between Cairo and Doha have been increasingly close. Both were involved in mediating October’s ceasefire in Gaza.
In recent years Gulf states have been the largest investors in Egypt’s northern coast, putting in $59bn since 2021, according to real estate consultancy Knight Frank.
As part of that, Qatar has agreed to invest billions of dollars into Egypt (Dispatches, 22/10/24, Sisi threatens push back on IMF terms). In return, Cairo has offered generous tax and customs incentives to Qatari firms, opening up markets in transport, logistics, food security, industry and renewable energy.
More deals are expected on 10 November when Cairo hosts an Egyptian-Gulf trade and investment forum.
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