Qatar joins Gulf peers in backing Egypt with potential $7.5B investment

Egypt may receive a $7.5 billion investment from Qatar — a striking turnaround given that just a few years ago, Cairo embargoed Doha and accused it of sponsoring terrorism.

The possible pledge, the largest since the two countries normalized relations in 2021, was announced following a meeting in Doha between Egypt’s president and Qatar’s ruler. It comes as Egypt emerges from a foreign-currency crisis and works to stabilize its economy.

Gulf countries have grown wary of offering unconditional aid to Egypt, increasingly opting for investments tied to economic reforms. Last year, the UAE committed $35 billion to develop a prime stretch of beach on the Mediterranean — part of a broader $57 billion rescue package that also included the IMF and EU.

This week, Saudi executives visited Cairo and received a “golden license” to reduce bureaucratic procedures, as Egypt aims to revive foreign direct investment that has yet to recover to pre-Arab Spring levels.