Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar to invest $ 18 billion in Egypt projects  Join our daily free Newsletter

MENAFN - Arab News - 08/09/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Qatar said it would invest 18 billion in tourism and industry projects along Egypt's Mediterranean coast over the next five years.

The projects include 8 billion for gas, power and iron and steel plants at the northern entrance to the Suez Canal and 10 billion for a giant tourist resort on the Mediterranean coast.

Egypt's stock exchange closed at a 14-month high on Thursday on optimism that a new government with a clear popular mandate will secure investments and donor aid to stave off a balance of payments and budget crisis.

Cairo last month formally asked the International Monetary Fund for 4.8 billion in emergency funding.

"We spoke with President Muhammad Mursi and agreed to invest 8 billion on a power plant, natural gas and iron steel," said Qatar's Prime Minister Sheikh Hamad bin Jassim Al-Thani.
"This will be in a integrated complex in East Port Said."

Sheikh Hamad was speaking at a joint news conference with Egyptian Prime Minister Hisham Kandil shortly after meeting President Mursi.

He said the investments in the Port Said projects would extend over five years.

Qatar announced three months after the popular uprising that toppled Hosni Mubarak that it was interested in investing near Port Said, but the plan had lain dormant since then.

In the last few months, Egypt has received more than 5 billion in loans and pledges, including 2 billion in direct budget support from Qatar and loans from Saudi Arabia and the Islamic Development Bank.

Qatar deposited 500 million in direct budget support at the Egyptian central bank in August and said it would pay the remaining 1.5 billion over the coming three months.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help