Qatar to invest $7.5 billion in Egypt's economy

Egypt and Qatar have agreed to work towards a package of $7.5 billion in direct Qatari investments, according to a joint statement released by the Egyptian presidency on April 14.

The agreement follows Egyptian President Abdel-Fattah El-Sisi's high-profile official visit to Doha as part of a two-leg Gulf tour that also includes Kuwait, Caliber.Az reports, citing Arabic media sources.

“The two sides affirmed their commitment to supporting the economic partnership between the two countries. They agreed to work towards a package of direct Qatari investments totaling $7.5 billion, to be implemented over the next phase,” read the statement.

However, the statement did not provide further details about the package.

It highlighted that the move reflects the longstanding relationship between the two countries and contributes to achieving sustainable economic development that serves the interests of both brotherly peoples.

By Khagan Isayev