By: Ahmed Eldemerdash

Cairo – Mubasher: The Egyptian government has agreed to launch an Egyptian-Qatari Business Forum during the first quarter (Q1) of 2023, sources familiar with the matter told Mubasher.

Egypt’s approval came in light of a recommendation from Qatar, the sources said, adding that Egypt’s General Authority for Investment and Free Zones (GAFI) has been mandated to arrange the event.

During the business forum, a number of memoranda of understanding (MoUs) will be activated and deals are expected to conclude between the sovereign wealth funds of the two nations.

Last March, Egypt and Qatar agreed on $5 billion worth of investments and partnerships within the North African state over the coming period. This comes within the framework of enhancing bilateral economic and investment cooperation.

In June 2022, the Egyptian finance minister said his country is in talks with Qatar over investments worth $2-3 billion. The Gulf state seeks to increase its investments in Egypt, which amount to $2.70 billion.

In November 2022, Qatar's sovereign wealth fund deposited $1 billion with the Central Bank of Egypt (CBE).

During Q3 of fiscal year (FY) 2021/2022, Qatar’s direct investment in Egypt totalled $140.10 million, compared to $109.80 million in Q2 of FY21/22.