RIYADH:March 1 (RAHNUMA) Egypt and Qatar are exploring opportunities to set up a joint investment fund, according to Egypt’s Minister of Planning Hala El-Said.
El-Said’s speech came on the sidelines of Egyptian Prime Mostafa Madbouly’s official visit to Qatar to bolster bilateral cooperation in several fields.
Egypt’s $400 billion economy is under increasing pressure from the shocks caused by Russia’s invasion of Ukraine, which has driven up food and fuel price.
It should be also noted that Egypt is the world’s largest importer of wheat, and the ongoing conflict in Ukraine has largely impacted the country’s financial stability.
For Egypt, procuring finance from Gulf nations is essential. The International Monetary Fund, last month, said that assistance from Gulf nations is necessary for Egypt to close the financing gap of about $17 billion in the next few years.
Meanwhile, Qatar is also looking to raise its investments in Egypt, as both countries signed an agreement to eliminate double taxation aimed at boosting investments.
According to a Cabinet statement, the Qatari emir said that the dual taxation agreement is expected to have a tangible impact in elevating Qatari investments in Egypt.
In 2022, Qatar began talks to invest about $2.5 billion to buy Egyptian government-owned stakes in companies including Vodafone Egypt, the country’s biggest mobile operator.
Meanwhile, to stimulate investments, officials of Egypt’s sovereign wealth fund toured several states in the Gulf Cooperation Council and discussed potential investment opportunities with countries including Kuwait and Oman