Qatar plans to invest more in Egypt, Emir says

Qatar’s Emir, Sheikh Tamim bin Hamad al-Thani said on Monday his country will increase its investments and cooperation with Egypt in the upcoming period.

During his meeting with Egyptian Prime Minister Moustafa Madbouly – who is visiting Qatar, Sheikh Tamim asserted his country’s keenness to boost its economic relations with Egypt.

The Qatari Emir has praised the performance of the Egyptian economy during the past years, saying that Egypt was making rapid progress in multiple sectors. However, he said that both the COVID-19 pandemic and the Ukrainian war have cast a shadow on the economy as well as the rest of the world.

Prime Minister Madbouly also met with his Qatari counterpart and Interior Minister Sheikh Khaled bin Khalifa Al-Thani. They both discussed increasing the size of trade exchange between Egypt and Qatar as well as bilateral cooperation in green hydrogen.

They also explored the possibility of exporting energy to Europe through a joint pipeline.

The two prime ministers also agreed on preparing a visit for a delegation of Qatari businessmen to free zones in Egypt as well as to the Suez Canal economic zone.

The value of trade exchange between Egypt and Qatar increased 76.2 percent year-on-year to $80.1 million in the first 11 months of 2022, from $45.5 million in 2021, state official statistics agency CAPMAS revealed earlier on Monday.