World Courant
Egypt and Qatar will strengthen their bilateral cooperation, particularly in the true property sector, Egyptian Prime Minister Mostafa Madbouly mentioned.
After assembly with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, Madbouly introduced that Qatar has proven sturdy curiosity in investing within the tourism and hospitality sector on Egypt’s northern coast.
“There’s a request from the Qatari facet concerning funding alternatives within the tourism and hospitality sector within the North Coast area, and the Egyptian authorities welcomes this want from our Qatari brothers,” Madbouly mentioned.
This curiosity follows a significant funding by the United Arab Emirates (UAE) in Egypt’s northern coast, the place a $35 billion venture, Ras al-Hekma, was launched. The UAE’s ADQ holding firm has acquired the event rights for this venture, which, coupled with the devaluation of the Egyptian pound, has considerably strengthened Egypt’s international trade reserves.
Egypt additionally lately signed an funding safety settlement with Saudi Arabia, and the dominion has pledged $5 billion in investments.
Madbouly additional emphasised that Egypt is getting ready a listing of funding alternatives in the true property sector in Better Cairo and the New Administrative Capital to current to Qatar. These alternatives embody each acquisition and partnership choices with Egyptian personal sector firms.
Along with actual property, the 2 nations are additionally exploring cooperation within the port and logistics sector.
Qatar has expressed curiosity in investing in knowledge facilities, and Egypt has recognized a number of potential funding alternatives within the new administrative capital, together with actual property and tourism.
Egypt can be creating a complete funding plan for the Ras Banas space on the Purple Sea, much like the Ras al-Hekma venture.
The nation needs to supply a number of giant areas alongside the Purple Sea for improvement.
These developments point out a rising pattern of international direct funding in Egypt, particularly in the true property and tourism sectors. The nation is actively in search of to draw international capital to assist its financial improvement and infrastructure initiatives.
Qatar has its eye on main investments in Egypt’s northern coast: Prime Minister
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