Mostafa Madbouly, the prime minister of Egypt, recently made a trip to Doha to meet with officials from the Qatar Chamber and the Qatari Businessmen Association.
Egypt is hoping to establish a joint investment fund with Qatar with the aim of attracting more interest in investments and funds by the Gulf state and its businessmen, an official said.
Egyptian Minister of Planning Hala Al-Saeed told Asharq Business that Egypt and Qatar are exploring opportunities to set up a joint investment fund.
The statement came on the sidelines of Egyptian Prime Mostafa Madbouly’s official visit to Qatar to bolster bilateral cooperation between the two countries in several fields.
According to a statement made by the Egyptian Cabinet, Qatar is eager to increase its investments in Egypt.
On Monday, Qatar and Egypt inked a deal to combat double taxation on income and prevent tax evasion or avoidance, a much anticipated agreement that has been in the talks for months.
The agreement is a part of the Egyptian government’s work to promote both domestic and foreign investments in order to boost economic production, the Cabinet’s spokesperson Nader Saad said.
It also fits into Egypt’s efforts to expand its export market, increase its production capabilities, and draw in both domestic and foreign investors.
The agreement was announced while Prime Minister Mostafa Madbouly met with Qatar’s Amir Sheikh Tamim bin Hamad Al Thani and other top officials on Monday, Bloomberg reported. It covers topics including capital gains, interest, income tax, business earnings, dividends and other relevant matters.
Egypt is relying on investments and assistance that Qatar and other Gulf countries pledged last year in order to ease a foreign exchange crisis brought on by Russia’s invasion of Ukraine. But according to reports, only a small portion of the money has actually been delivered.
Qatar wants to increase its financial support for Egypt, according to a statement released by the cabinet of the north African nation citing its president. The tax agreement, according to Qatar’s prime minister, will “tangibly” affect the expansion and promotion of foreign investment into his country.
A few of the areas of cooperation that were discussed included green hydrogen, ports, pharmaceutical manufacturing, construction, and real estate.
The most recent agreement follows months of waiting while representatives from both sides worked to formalise their cooperation plans in writing.
During the Qatar Economic Forum, Cairo and Doha agreed to expand their financial and economic cooperation by signing a Memorandum of Understanding (MoU).
Amir Sheikh Tamim bin Hamad Al Thani of Qatar made his first trip to Egypt following the blockade in June 2022.
The amir’s meeting with President Abdel Fattah El Sisi at the time signalled restored relations between the two countries following the 2017 crisis, in which Egypt joined Saudi Arabia, the UAE and Bahrain severed ties with Qatar.
However, despite improved ties, the Sisi regime continues to repress the media, including the journalists working for the Qatar-based Al Jazeera network.
Al Jazeera journalists Hisham Abdelaziz and Bahauddin Ibrahim’s detention was renewed by an Egyptian court last week, bringing their overall time behind bars to three years.