On Thursday, Qatari Primer Minister Sheikh Hamad bin Jassem al-Thani announced that his government would invest 18 billion dollars in Egypt’s economy over the coming five years. According to Sheikh Hamad, the significant amount of money will be allocated in different projects in the country, including tourism, housing and industry.
From that budget, $10 billion are planned to finance a mega tourist resort in the northern coast of Egypt. In addition to this, Qatar plans to invest $8 million on a power plant, natural gas and iron steel. As Sheikh Hamad confirmed, Qatar intends to implement these projects in the near future.
Qatar has become Egypt’s closest ally regarding economy over the past months. This is the second economic deal that the two parts have talked about since the toppling of the ex president Hosni Mubarak in February 2011. Qatar agreed on a $2 billion loan that would directly transfer to the Central bank of Egypt before the end of this year.