Egypt announces its attempts to set up an investment fund with Qatar and sign 3 agreements.

Egyptian Planning Minister Hala Al-Saeed said that Egypt is seeking to set up a joint investment fund with Qatar to attract investments that Qatar plans to send to Egypt.

Qatar is looking forward to boosting its investment in Egypt, the Egyptian cabinet said in a statement after the two countries signed a double taxation abolition agreement aimed at boosting investment from the gas-rich Gulf state into Egypt, at a time when the Egyptian government is seeking attract foreign funds to help revive its economy.

The establishment of the Qatar Investment Fund, similar to the launch of the Saudi Egyptian Investment Company, which was launched by the Saudi State Investment Fund in August 2022, aims to invest in a number of sectors in Egypt as it is one of the most important strategic economic markets in Africa.

For his part, Egyptian Prime Minister Mostafa Madbouli met in the Qatari capital Doha with members of the Board of Directors of the Qatar House and the Qatar Business Association, indicating that Egypt had solved an important problem facing the investor, namely the plurality of responsible parties, and this led to that it took a long time to obtain various permits, pointing out that until the investment law approves the “golden license” mechanism, which is issued by the prime minister and approved once, to replace any other approvals, stressing that approval is through a committee under the chairmanship of the Prime Minister, and the period for issuing a license does not exceed 20 working days.

In addition, 3 MoUs have been signed with a number of Qatari companies to support and expand partnerships with the private sector in healthcare delivery.

Source: RT