Cairo - Mubasher: MubasherTrade Research revealed that the bank transfers of Egyptians in Qatar account for around 4% to 5% of remittances from those working abroad, according to a recent report.

On Monday, Egypt, Saudi Arabia, Bahrain, and the UAE simultaneously cut diplomatic ties with Qatar.

Egypt received about $997 million last year from Egyptians resident in Qatar, about 5% of total transfers of nationals abroad.

The research firm also stated that around 1.6% of foreign direct investments (FDI) inflows to Egypt are coming from Qatar.

“It is too early to assess the full economic impact of such a political rift. Besides, the duration of such a situation is still unknown,” MubasherTrade Research added.