Qatar, Egypt consider launching joint investment fund

Qatar and Egypt are studying possibilities to set a joint investment fund, Egyptian Minister of Planning Hala Al-Saeed told Bloomberg Tuesday following the signing of a set of agreements between the two countries to abolish double taxation aimed at boosting investments from the gas-rich Gulf state in Egypt.

Saeed did not provide details about the plans but her comments came as Egyptian authorities are seeking foreign investments from the tiny Gulf country and countries in the region.

Qatar also, according to a statement from the Egyptian cabinet, is looking forward to increasing its investments in the North African country.

In March 2022, Egypt and Qatar agreed on $5 billion worth of investments and partnerships over the coming period. This came 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. Qatar’s investments in Egypt amount to $2.7 billion.

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