Egypt, Qatar sign $5 billion in investment deals

EGYPT and Qatar have agreed to sign investment deals worth $5 billion, the Egyptian cabinet said in a statement, as the two countries rebuild relations following a regional diplomatic feud.

The cabinet gave no details of the investments and partnerships, announced during a visit to Cairo by the Qatari ministers of foreign affairs and finance, saying only that they would be for the “coming period”.

Egypt is facing new financial pressures linked to the war in Ukraine, which is pushing up the cost of its large wheat import needs and hitting Red Sea tourism.

In January last year Egypt, Saudi Arabia, the United Arab Emirates and Bahrain agreed to end a dispute that had seen them boycott Qatar since 2017 over charges it supported terrorism, a charge Doha denies.

Egypt’s foreign minister said on Monday that the two countries were setting up a joint committee to strengthen cooperation across different fields.

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