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As Qatar Supports Egypt, Many Egyptians Unexcited

Many Egyptians are concerned at Qatar's growing influence in their country, but Bassem Sabry asks if Egypt can afford to refuse Qatari aid at such a crucial time.
Qatar's Emir Sheikh Hamad bin Khalifa al-Thani (R) greets Egypt's President Mohamed Mursi during the Arab League summit in Doha March 26, 2013. Mursi said on Wednesday parliamentary elections could be delayed until October, a postponement that would give his cash-strapped government breathing room to negotiate an IMF deal. Picture taken March 26, 2013. REUTERS/Egyptian Presidency/Handout (EGYPT - Tags: POLITICS) ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR  EDITORIAL USE ONLY. NOT FOR S

Much has been made of the consistent and quite determined support Qatar has been providing Egypt as of late, as well as Doha’s investment drive in the region’s most populous country.

Last year, Qatar announced $18 billion in investments in Egypt over the next five years, including a $10 billion North Coast tourist resort and $8 billion of investments primarily in oil and gas. Qatar has also recently acquired a 100% stake in Egypt's NSGB Bank, one of the biggest in the country. Furthermore, a new joint venture is being set up between Qinvest (owned by the Qatari Islamic Bank) and Egypt's (and the region's) largest investment bank, EFG Hermes. The venture, however, is being held up by regulators, and the deal could expire by next month if no official approval is reached by then, according to Reuters. 

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