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Qatar Promises 10 Billion Dollars in Investment for Egypt by Homer Clarins on June 18, 2011
Qatar promised to Egypt that it will spend 10 billion dollars in investment for the country that is currently suffering politically and economically due to the ousting of its president, Hosni Mubarak. According to Fayza Abu el-Naga, who is the Minister of Planning and International Cooperation of Egypt, the ministerial committee of Egypt and Qatar has coordinated last Saturday to talk about how investments from Qatar can enter the country.
These investments are going to range from various sources, including the tourism industry, health industry, justice, education, agriculture industry, transport industry, oil industry and housing industry. Sheikh Ahmad bin Khalifa al- Thani, the Emir of Qatar promised all of these industry related projects which are aimed at increasing the investment of Qatar in Egypt. Since the ousting of the president, Hosni Mubarak due to a popular revolution among the citizens, the ruler of Egypt has been Tantawi, who heads the Armed Forces Supreme Council. Qatar was quick to support Egypt after the ousting of Mubarak because the country used to have very strained relations with the ousted president.
The ousting of President Mubarak was very chaotic, and one of the worse industries to be affected by the revolt and the violence during those times was the tourism industry. Egypt used to be a flourishing tourist spot because of destinations such as the Pyramids and the Great Sphinx, and other archaeological wonders. Because of the revolution, the economy of the country has heat near zero growth. The G8 supports all Arab countries including Egypt who strive for democracy, by donating 40 billion dollars to these countries.
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