Qatar is deepening its presence in Egypt after more than a decade of strained ties.
Doha is moving forward with a $7.5 billion investment package announced in April, as Cairo seeks foreign capital to stabilize its currency and revive the economy. Qatari Diar, the real estate arm of the Qatar Investment Authority, plans a major tourism project on the Red Sea in partnership with St. Regis, while QatarEnergy agreed on Sunday to acquire a 27% stake in an offshore block from Shell in the Eastern Mediterranean.
Gulf states have grown weary of handing cash to Egypt, and have instead focused their support on investments that generate returns. Saudi Arabia and the UAE are pouring tens of billions of dollars into projects in the country.