$5 billion.. Qatar pumps new investments into Egypt

Mohammed bin Ahmed Al-Obaidli, member of the Board of Directors of the Qatar Chamber of Commerce and Chairman of the Qatari Oitech Group, confirmed his country’s intention to implement its pledges to continue expansion and investment within the Egyptian market by pumping investments worth $5 billion over the next few years.

He pointed out in statements on the sidelines of the Egyptian-Qatari Investment Forum today that there is great interest among Qatari companies in directing the movement of their capital towards a number of promising sectors within the Egyptian market, especially in the sectors of manufacturing, communications, technology, food security and real estate.

Al-Obaidly added that there are ongoing talks about the investment opportunities provided by the Egyptian state to enter into partnerships in many existing projects through the government proposal program, through which the state is looking to enhance its foreign exchange flows.

The government increased the number of companies within the IPO program to 35 companies, as “Eastern Tobacco Company,” “Egypt Telecom,” and “Ezz Dekheila Steel” were included in the program, which included 32 companies.

The government also plans to raise about $5 billion through the second phase of the program, which extends until next June.

Private investments

In a related context, Mohammed bin Ahmed Al-Obaidli, Chairman of the Oitec Group, revealed his intention to expand and pump more new investments into the Egyptian market by moving to create technological applications in the field of transport and communications during the coming period, in cooperation with one of the Egyptian institutions working in these field.

For his part, the Qatari Minister of Industry, Mohammed bin Hamad Al Qasim, confirmed that Qatar is one of the largest investors in Egypt with about $5.5 billion in a number of sectors, especially the financial and real estate sectors, pointing out that the Qatar World Cup 2022 has strengthened the non-oil economic sector in Qatar and placed Qatar in the Ranked first in the world in attracting foreign investments, according to Standard & Poor's Global.

A number of agreements

He confirmed the signing of a number of agreements with Egyptian companies in several economic sectors, most notably industry, trade, and labor sectors, explaining that the forum represents an opportunity for Egyptian and Qatari companies to create investment and economic alliances that enhance trade opportunities between the two countries.

Commercial level

He pointed out that the level of trade between the two countries does not reflect the economic relations between the two countries and that there are more opportunities.

He explained that Qatar allows investors to own 100% ownership, and his country also allows investors to own real estate and enter into partnerships in the logistics sectors and pharmaceutical and food industries that meet the needs of the local market and export.