Qatar to Invest $5 Billion Dollars in Egypt

Officials from Qatar announced that they will invest $5 billion in Egypt, signifying a strengthening of ties between the two countries.

The announcement came as Qatari Foreign Minister Mohammad bin Abdulrahman Al Thani returned from a trip to Cairo, Egypt, where he met with Egyptian President Abdel Fattah el-Sissi and other government officials.

The $5 billion deal is intended to “strengthen economic and investment ties between the two fraternal countries,” according to an Egyptian statement.

Al Thani, who is also Qatar’s deputy prime minister, visited Egypt for his second visit since Egypt and three Gulf countries resolved a diplomatic conflict with Qatar last year.

Al Thani also said Qatar’s ties with Egypt are strengthening “after we surmounted the previous phase, which was marked by some problems,” in a joint press conference with Foreign Minister Sameh Shukry.

In January 2021, a proclamation ended a diplomatic crisis that began in 2017 with a rift between Egypt, Saudi Arabia, the United Arab Emirates, and Bahrain on one side and Qatar on the other.

The four nations previously joined forces to boycott Qatar in the hopes of pressuring it to break its tight ties with Turkey and Iran through an embargo and media blitz.

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