After restoring diplomatic ties in 2021, Qatar’s sovereign wealth fund is in talks with Egypt to invest in seven historic hotels.
Two unnamed sources say the Qatar Investment Authority (QIA) is negotiating with the Sovereign Wealth Fund of Egypt (TSFE).
The fund may buy up to 30% of the properties, insiders claimed.
QIA declined to comment. Egypt’s TSFE didn’t comment.
After the Arab Spring upheavals overthrew Hosni Mubarak, relations between Egypt and Qatar worsened. Qatar supported the Muslim Brotherhood, but the military overthrew it in 2013.
Saudi Arabia and Egypt reestablished relations with Qatar in 2021.
Egyptian President Abdel Fattah al-Sisi met Qatari Emir Sheikh Tamim bin Hamad al-Thani in Baghdad in August 2021 for the first time since the dispute ended. Relations have improved.
Since Russia invaded Ukraine last year, international investors have pulled more than $20 billion from Egyptian treasury markets, causing the country’s currency to plummet by half.
Last month, Qatar’s finance minister pledged $5 billion to Egypt’s suffering economy.
