Egypt, Qatar to launch joint business forum in 2023 Q1

An Egyptian-Qatari Business Forum will be launched during the first quarter (Q1) of 2023, Mubasher reports citing sources familiar with the matter.

Egypt’s General Authority for Investment and Free Zones (GAFI) has been mandated to arrange the event, the sources indicated noting that the forum will be launched at the Gulf country’s recommendation.

A number of MoUs are expected to be activated and deals to be concluded between the two countries’ sovereign wealth funds.

Last March, Egypt and Qatar agreed on $5 billion worth of investments and partnerships over the coming period. This comes within the framework of enhancing bilateral economic and investment cooperation.

In June, the Egyptian finance minister indicated that his country is in talks with Qatar over investments worth $2-3 billion. The Gulf state seeks to increase its investments in Egypt, which amount to $2.70 billion.

In November 2022, Qatar’s sovereign wealth fund deposited $1 billion with the Central Bank of Egypt (CBE).

During Q3 of fiscal year (FY) 2021/2022, Qatar’s direct investment in Egypt totaled $140.10 million, compared to $109.80 million in Q2 of FY21/22.