Qatar, Egypt PMs meet to firm up $7.5 billion investment pledge
Qatar is moving ahead with its pledge to invest $7.5 billion in the Egyptian economy.
The funds are earmarked for sectors from agriculture and real estate to tourism.
Egyptian Prime Minister Mostafa Madbouly and Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani led delegations that met on Thursday in the northern coastal city of New Alamein to accelerate implementation of the investment package and broaden economic ties, The National reports.
“Qatar’s commitment to pump $7.5 billion into the Egyptian economy has been confirmed,” Egyptian Foreign Minister Badr Abdelatty said after the meeting.
“We have… begun this process and outlined specific ventures to be announced in the coming weeks during a grand ceremony that reflects the depth of our relations,” he said.
‘Mega forces’ cushion Gulf’s growing sovereign wealth funds
The $5 billion in assets held by Gulf sovereign wealth funds is providing a soft cushion against ping-ponging regional conflicts from Gaza to Iran.
Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the rainbow of UAE sovereign funds, such as Mubadala and the Investment Corp. of Dubai keep building their influence in global markets despite the nearby mayhem, Bloomberg Businessweek reports in a broad examination of the phenomenon.
Among the geopolitical shocks this year was Iran’s missile barrage in June at an American air base in Qatar. Just hours after one of the most direct attacks on U.S. assets in the Middle East in years, it was business as usual in the capital city of Doha and its financial markets, the news agency said.
The Middle East, according to the BlackRock Investment Institute, finds itself at the intersection of three “mega forces” affecting investing now: geopolitical fragmentation, the energy transition and artificial intelligence, Ben Powell, BlackRock’s chief investment strategist for the Asia-Pacific and Middle East, tells Bloomberg.
“We are back to feeling quite constructive,” Powell says, “while of course being appropriately nervous and watchful around the geopolitical risk, which is ongoing, real and unpredictable.”
