Qatar waiting for ‘stability’ before launching Egypt investment projects

Qatar has not invested the promised US$10 billion in Egypt due to the latter’s instability, said Qatari Foreign Minister Khaled bin Mohamed al-Attiya Wednesday evening.

Qatar has suspended its Egyptian projects in Egypt, Attiya noted during a 25 January celebration at the Egyptian Embassy in Doha.

He added that Qatar will follow through on its promises once power is handed over to a civilian government.

Qatar seeks to implement over $10 billion worth of investment projects in Egypt, Attiya said. During his time in Cairo, he and Egyptian officials agreed on a timeline by which to implement the projects.

Attiya predicted that Qatari companies in Egypt would see increased business later this year, adding that Doha is waiting for an elected government to take power before it launches joint ventures with Cairo.

“We will continue our unlimited support to Egypt in all aspects during the coming period,” Attiya said, adding that the Egyptian government and Minister of International Cooperation Fayza Abouelnaga know that Qatar will eventually deliver the promised investment funds.

Saudi Arabia, the UAE and other countries pledged to give financial assistance to Egypt after the 25 January revolution, but Prime Minister Kamal al-Ganzouri said last month that his cabinet had only received negligible assistance thus far.

The Egyptian government received formal responses from officials in Saudi Arabia, Qatar and Bahrain saying they deferred financial aid packages promised to Egypt because they were waiting for a stable, elected government to take power, an Egyptian cabinet source told Al-Masry Al-Youm on 11 January 2012.

Translated from Al-Masry Al-Youm

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