Egypt has begun activating a $7.5bn Qatari direct investment package, Prime Minister Mostafa Madbouly said on Tuesday, following a recent meeting with his Qatari counterpart. Speaking at the Cabinet's weekly meeting, Madbouly said he had discussed strengthening bilateral relations, particularly in economic and trade cooperation, with Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani. He highlighted that the activation of the investment package reflects Qatar's commitment to supporting its economic partnership with Egypt. Madbouly reiterated the importance of continued coordination with the Qatari business community to highlight the investment opportunities available in Egypt and to clarify the facilitations and incentives offered by the state to attract additional Qatari investments. The prime minister also referred to his recent participation on behalf of President Abdel Fattah Al-Sisi in the Shanghai Cooperation Organisation Plus Summit in Tianjin, China. He noted his meeting with Chinese President Xi Jinping and a series of meetings with Chinese companies specialising in sectors that are a priority for the Egyptian state. Madbouly said these discussions underscored the interest and keenness of many Chinese companies operating in Egypt to expand their activities in priority sectors. He highlighted the importance of maximising the benefits of the momentum in Egyptian-Chinese relations by maintaining coordination with Chinese officials to strengthen cooperation, particularly in localising vital industries such as electric car manufacturing and components for renewable energy projects, in addition to boosting cooperation in seawater desalination. During the meeting, Madbouly noted that the government has an economic vision extending to 2030 that goes beyond its agreement with the International Monetary Fund. He emphasised that this vision builds on the economic reforms achieved in recent years and that the comprehensive economic plan — "The National Narrative for Economic Development: Policies Supporting Growth and Employment" — will be presented for community dialogue to reach a greater consensus.
