The value of Qatari investments in Egypt has increased during 2020, after recording $679.4 million, compared to $382.2 million in 2019. This is a growth of 77.8%, according to the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS).
According CAPMAS’s new report, the value of trade exchange between the two countries recorded another increase, reaching $25.4 million in 2020, compared to $22.7 million in 2019, an increase of 11.8%.
The report stated that the value of remittances from Egyptians working in Qatar amounted to $1.3 billion during the fiscal year 2018-2019, compared to $1.4 billion during the 2017-2018 fiscal year, a decrease of 7.4%.
Qatari investments in Egypt
The value of remittances of Qataris working in Egypt recorded $4.9 million during the fiscal year 2018-2019, compared to $2.7 million during the fiscal year 2017-2018, an increase of 82%.
Qatari investments in Egypt exceed $5 billion in various fields, the most recent of which was the opening of the “Diyar” company, affiliated to the Qatar Investment Authority, last January, a hotel in Cairo.
The Egyptian-Qatari relations witnessed a normalization after the Gulf summit in the Saudi city of Al-Ula last January.
Normalization of relationships
In early March, bilateral talks took place in Cairo between the Egyptian and Qatari foreign ministers, in their first meeting since 2017, on the sidelines of the 155th session of the Council of the League of Arab States at the ministerial level.
Egyptian President Abdel Fattah El-Sisi received a written message from the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, including an invitation to visit Doha, within the framework of the recent rapprochement between the two sides.
The Egyptian presidential spokesman, Bassam Rady, stated that the Qatari foreign minister conveyed to the Egyptian president a message from the Emir of the State of Qatar, which included inviting Sisi to visit Doha.
He pointed out that Sheikh Tamim expressed, in the letter, his aspiration to enhance discussions between the two countries on ways to develop bilateral relations, as well as discuss the latest regional and international developments, and coordinate to serve the aspirations of the two countries.
Rady pointed out that the Qatari Foreign Minister praised the strategic and pivotal role played by Egypt in protecting Arab national security and defending the issues of the Arab nation, as well as Egypt’s efforts and tireless endeavors to consolidate security, stability and development at the regional level.
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