DUBAI: Egypt is to get another boost economically from a Qatar investment after the Gulf country said it would invest some $3.7 billion in an oil refinery project in Egypt. The move comes as Egypt's economy remains in critical condition since a January 2011 uprising ousted the former government of Hosni Mubarak. Qatar's Minister of Energy and Industry Mohammed bin Saleh al-Sada, in announcing the deal, did not give the specific amount of the Qatar share, but previous reports from the wealthy Gulf state estimated at least a $400 million initial investment to help launch the long-stalled project. Egypt's Oil Minister Usama Kamal said Saturday the refinery on the outskirts of Cairo will produce 4.2 million tons of petrol per year as well as diesel and other energy products. Qatar is continuing to invest across the region and the globe in what has seen the tiny Gulf nation get analysts excited over the future of the country. Buying the world The summer has been busy for Qatar. In July, the tiny Gulf country pushed forward on massive moves on the global stage, including announcing plans to open Harrods-branded hotels in Malaysia and France. Then, country affirmed that royals had purchased Italian fashion leader Valentino. The Qatari royal family reportedly paid $857.5 million for the luxury brand in continued investments across the globe. The Qatar royal family already owns Harrods of London and recently opened the city's tallest building to much fanfare. Analysts see the latest deal as cementing the royal family as a global investment leader. The luxury label loved, worn and praised by the likes of Jacqueline Kennedy Onassis and Audrey Hepburn, said on Thursday that Mayhoola for Investments S.P.C, an investment vehicle backed by a leading Qatari, had bought it from UK-based private equity fund Permira and minority investors the Marzotto textile entrepreneurs. Valentino did not disclose financial details of the sale or name the investor. Reuters news agency reported the monetary figure, citing two people close to the deal. Rami Hassanein, a Madrid-based equities researcher and investment consultant, told Bikyamasr.com that the online jabs at Qatar over “buying the world" are not exactly far-fetched. He argued that Qatar's royal family understands the push to invest is now a perfect moment with Europe's economy struggling to survive. “Right now, Qatar is taking advantage of the current economic climate and making solid investments that are likely to have grand pay-offs in the coming years," he argued. He said that by investing in Europe, “they have a solid market to deal with because we do know Europe will get back on its feet." In Southeast Asia, he added that Qatar also sees Malaysia as one of the most important emerging economies, and “has the ability to help push the country forward through their work in the country. It's a win-win situation for them." While the online sarcasm continues, most of the users making the statements understand that Qatar is continuing to flex its financial weight. For a small country, they have begun to have large footprints in the global economy and is unlikely to end in the near future.
