Egypt welcomes return of Qatari investments
As Qatari money flows back into Egypt, the question now is how these potentially game-changing foreign investments will be directed.
CAIRO — The Egyptian government has been holding meetings to discuss directing foreign investments, especially from the Gulf. Despite the likely relief brought by the return of Qatari investments to the Egyptian market, it remains unclear where they will be directed and how these funds will alleviate pressure on the economy.
On April 14, Egyptian Prime Minister Mostafa Madbouly met with a committee of ministers to review the plans of Egypt's Sovereign Fund and the program of offerings for public and government companies on the stock exchange in the interest of attracting more foreign investments.
Less than two weeks ago, on March 29, Cairo and Doha signed a series of deals for Qatar to make $5 billion in investments in Egypt.
In December 2017, Egypt froze all Qatari funds and investments in the country in line with a boycott led by Saudi Arabia. Cairo severed diplomatic relations with Doha, accusing Qatar of supporting terrorism and interfering in Egyptian domestic affairs at home. The government confiscated land from Qatari companies, notably the Qatari Diar real estate company, and terminated their projects.
