In an exclusive interview with RT, economist Hani Abul Photoh talked about the expectations of major investments by the Gulf countries and Qatar in Egypt in the coming period.
In this regard, expert Hani Abul Photoh told RT: “Now the question is acutely asked in Egyptian economic circles, to what extent can we see cooperation between Egypt and the Gulf countries in the coming period, especially in light of the consequences of the current geopolitical crisis?”
He continued by explaining: “At the beginning, I would like to clarify that the historical strategic relationship between Egypt and the Gulf countries goes back several decades, and now we see that the cooperation between Egypt and the Gulf countries is developing at a rapid pace. , especially after Egypt and the Gulf Cooperation Council signed a memorandum of understanding in February. The past aims to strengthen relations in all areas between the two sides to serve common interests, especially at the current stage, which is witnessing unprecedented challenges.
Abul Photoh continued: “What we see today is the epitome of strong relations with the Gulf countries, which stood on the same line with Egypt and always provided support. This support will continue because Egypt and the Gulf countries have common interests and it’s not about getting non-refundable support packages that are coming back.” On the other hand, common interests are the main engine in relations between the parties.
And the economic expert added: “Do we expect similar agreements between the Egyptian side and Qatar, and have we also had commitments to invest in Egypt in the current period? What projects could a Qatari investor attach importance to? Indeed, meetings between officials in Egypt and representatives of the Qatari business community to continue coordination and cooperation. The joint venture in the coming period will allow them to learn the latest developments in the investment environment in Egypt in preparation for pumping new investments into the Egyptian market,” adding: “The Qatari investor is focusing on several areas, the most important of which are investment opportunities in the industrial sector, including including in the chemical and petrochemical industries, food processing, pharmaceuticals, infrastructure and renewable energy projects, financial services, logistics services, real estate development and tourism.
And Hani Abul Photoh added, “Regarding Qatar’s pledges to invest in Egypt, according to the Egyptian cabinet statement last March, it was announced that Qatar will invest and partner in Egypt totaling $5 billion.”
He continued by asking, “A public ownership policy paper that targets $40 billion in investment from the private sector … will it achieve its goal with the support of Gulf investment and what challenges does it face?”
He explained: “Indeed, the government has begun to put forward for public discussion a document on state ownership policy as an urgent requirement for the need to determine the form of state presence in the Egyptian economy. The government aims to increase the level of private sector participation from 30% currently to 65% of total public investment made over the next three years.”
The Egyptian expert added: “As for the role of investments from the Gulf countries, they are needed in projects and facilities that attract the appetite of investors from the Gulf countries, such as the financial services sector, the energy sector and the tourism sector. Government proposals… As for the problems, I think they are focused on slow procedures and getting rid of the bureaucratic restrictions that exist in some government departments.
Source: Nasser Hatem – Cairo.