Besides investing an enormous $12 billion into the nation, Qatar is aiming to bring Egyptian businesses and their employees into the nation to help with developments.
His Excellency Dr Khalid bin Mohamed Al Attiyah, the Junior Minister for international cooperation in Qatar, disclosed this information.
Speaking in Cairo to an Arabic daily media, the Junior Minister noted that the purchase of $2 billion worth of Egyptian treasury bonds is in addition to the $10 billion in projects launched in the nation.
Those projects being implemented in Egypt and totalling $10 billion are fresh joint ventures between Qatari and Egyptian businesses. Political unrest has stalled the existing projects Qatar was involved with in Egypt.
There were numerous agreements signed between Qatar and Egypt as the Qatar/Egypt Joint Technical Committee held a recent meeting in Cairo, according to Al Attiyah.
The Junior Minister noted that an agreement involving the construction of two ports in Bur-Said and Alexandria are worth $9 billion and should result in over 200,000 job openings for those Egyptian nationals feeling the effects of the political unrest.
There are also plans for both Egyptians businesses and their workers to come into Qatar for the implementation of large developments in that nation. Egyptian support is needed, such that a committee of senior Labor Ministry officials was put together to discuss these issues at the Joint Technical Committee meeting.
It was agreed at the most recent meeting that cooperation is required and about 25 sectors will see the investments – including construction, education and health, as well as SMEs, security, social affairs, transportation, tourism and the labor force.
The problems involved in project implementation are facing Qatari businesses such as Diar and Barwa. These issues have been raised to the Egyptian Ministers in various meetings and solutions are to be brought forward while the delegation from Qatar are attending the joint committee meeting in Egypt. Those ministers promised to fully support the businesses from Qatar operating in their area.
Discussions were held involving the increase of both the trade exchange and investments between Egypt and Qatar, as well as increasing the visits of business professionals from both nations.
An agreement to set up two Qatari-Egyptian companies was also firmed up at the joint committee meeting. These firms will be investing in Sudan and Africa, according to the Junior Minister.Paul Holdsworth, Staff Writer, Gulf Jobs Market News