{"id":544980,"date":"2022-03-30T03:45:18","date_gmt":"2022-03-30T03:45:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/qatar-to-invest-usd-5-bn-in-egypt-cemex-harmony-gold-to-invest-more-here\/"},"modified":"2022-03-30T03:45:18","modified_gmt":"2022-03-30T03:45:18","slug":"qatar-to-invest-usd-5-bn-in-egypt-cemex-harmony-gold-to-invest-more-here","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/qatar-to-invest-usd-5-bn-in-egypt-cemex-harmony-gold-to-invest-more-here\/","title":{"rendered":"Qatar to invest USD 5 bn in Egypt + Cemex, Harmony Gold to invest more here"},"content":{"rendered":"

<\/a> Qatar to invest USD 5 bn in Egypt:<\/strong> Qatar has agreed to invest USD 5 bn here \u201cin the coming period,\u201d becoming the second country in the Gulf to commit funds as we grapple with the impact of surging food and energy prices on the back of Russia\u2019s war in Ukraine. The governments will consult each other via a new joint committee, cabinet said in a statement<\/a> yesterday following talks between Prime Minister Moustafa Madbouly and Qatari Foreign Minister Mohamed bin Abdulrahman Al Thani.<\/p>\n

Details are so far thin:<\/strong> The statement didn\u2019t disclose where the money would be invested or when the transactions would be closed, but Planning Minister Hala El Said told Bloomberg<\/a> that the Qatar Investment Authority \u2014 the country\u2019s sovereign wealth fund \u2014 would acquire the assets.<\/p>\n

Egypt\u2019s fiscal position has come under pressure<\/strong> as surging food and energy prices, lower tourism revenues<\/a> and portfolio outflows<\/a> threaten to strain our balance of payments.<\/p>\n

Qatar isn\u2019t the first Gulf state to offer Egypt financial support: <\/strong>Abu Dhabi sovereign fund ADQ has agreed to purchase government-held stakes<\/a> in EGX-listed companies. The fund will reportedly spend USD 2 bn acquiring shares in five companies, including up to 18% of leading private sector bank CIB, as well as unspecified stakes in Abu Qir Fertilizers<\/a>, Mopco, and Alexandria Containers. State-owned Banque Misr recently acquired an nearly 9% stake in Fawry, upping its total holding to nearly 15.8% ahead of what we believe is a sale of that stake to ADQ<\/a>, which has shown strong appetite for Egyptian investments in the past couple of years.<\/p>\n

Another <\/strong>USD 5 bn <\/strong>inbound from the GCC?<\/strong> Saudi Arabia and Kuwait may soon join the UAE and Qatar in providing emergency financial support to Egypt, BNP Paribas said in a note yesterday reviewed by Enterprise. The French bank said there is a \u201creasonable chance\u201d that Egypt will receive USD 3 bn from the Public Investment Fund and USD 2 bn from Kuwait in the coming weeks. President Abdel Fattah El Sisi traveled to Kuwait and Saudi Arabia for high-level talks in recent weeks.<\/p>\n

BNP puts Egypt\u2019s total funding gap at USD 17.6 bn in FY2021-2022<\/strong>, which suggests that Abu Dhabi, KSA, Kuwait and Qatar will together plug just over 68% of that gap if all of the funding comes through.<\/p>\n

On top of the IMF:<\/strong> A fresh IMF program<\/a> is now looking highly likely after the government and the lender confirmed last week that talks are ongoing for financial assistance. It is unclear how much the IMF will allow Egypt to borrow and what kind of facility would be used. This would be the country\u2019s third program in six years, having borrowed USD 12 bn through an extended fund facility in 2016 and USD 8 bn in covid-related financing in 2020.<\/p>\n

\n

Doha didn\u2019t waste time entering the Med:<\/strong> Qatar Energy announced<\/a> that it had agreed to acquire a 40% working interest in an Exxon\u2013owned exploration block in the Mediterranean. The US energy giant acquired the North Marakia<\/a> offshore block in late 2019, and will continue to operate the remaining 60% under the agreement, which is still subject to regulatory approvals, the statement said.<\/p>\n

Or the Red Sea:<\/strong> This comes a few months after the company made its first moves into Egypt\u2019s upstream oil and gas sector, announcing in December that it had agreed to acquire a 17% stake<\/a> in two Shell-operated Red Sea oil and gas exploration blocks.<\/p>\n

\n

IN OTHER INVESTMENT NEWS-<\/strong><\/p>\n

Assiut Cement owner Cemex plans to invest up to USD 20 mn in Egypt this year<\/strong>, despite the sector facing headwinds from the conflict in Ukraine, the company\u2019s president for Egypt and the UAE, Carlos Gonzalez, told Ahram Online<\/a>. The Mexican cement giant has spent around USD 1.5 bn in Egypt since it acquired Assiut Cement<\/a> in 1999.<\/p>\n

** READ MORE about how the jump in global commodity shock is pushing up the prices of cement and building materials in Egypt <\/strong>here<\/a><\/strong>.<\/strong><\/p>\n

South African gold miner <\/strong>Harmony Gold<\/a><\/strong> is considering investing in Egypt for the<\/strong> first time<\/strong>, company CEO Peter Steenkamp said in a meeting with Oil Minister Tarek El Molla, according to a ministry<\/a> statement. Steenkamp said the company is eyeing investing in gold exploration in Egypt as it looks to expand beyond South Africa and Australia. Amendments<\/a> to the Mineral Resources Act offering investors more attractive terms have helped bring in more foreign investment into the sector, with a number of companies being awarded exploration concessions<\/a> in a bid round last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Qatar to invest USD 5 bn in Egypt: Qatar has agreed to invest USD 5 bn here \u201cin the coming period,\u201d becoming the second country in the Gulf to commit funds as we grapple with the impact of surging food and energy prices on the back of Russia\u2019s war in Ukraine. The governments will consult […]<\/p>\n","protected":false},"author":1,"featured_media":544981,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[1557,1002,1555,72,1558,1556,125,296,1095],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-assiut-cement","tag-cement","tag-cemex","tag-enterpriseam","tag-gcc-funding","tag-harmony-gold","tag-investment-watch","tag-qatar","tag-russia-ukraine-war","wpautop","entry"],"acf":{"mongo_id":"c734fc23-c0c0-4322-bf5d-ce3c400e707a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/698.jpg","photo_position":"above","related_issue":[544976],"teaser":"","voice_url":""},"yoast_head":"\nQatar to invest USD 5 bn in Egypt + Cemex, Harmony Gold to invest more here - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/qatar-to-invest-usd-5-bn-in-egypt-cemex-harmony-gold-to-invest-more-here\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qatar to invest USD 5 bn in Egypt + Cemex, Harmony Gold to invest more here\" \/>\n<meta property=\"og:description\" content=\"Qatar to invest USD 5 bn in Egypt: Qatar has agreed to invest USD 5 bn here \u201cin the coming period,\u201d becoming the second country in the Gulf to commit funds as we grapple with the impact of surging food and energy prices on the back of Russia\u2019s war in Ukraine. 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Mexico wants to invest more in Egypt, especially in cement, contracting, and technology,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":610112,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/qatar-expected-to-invest-usd-1-5-bn-in-egyptian-industrial-projects-in-2024\/","url_meta":{"origin":544980,"position":1},"title":"Qatar expected to invest USD 1.5 bn in Egyptian industrial projects in 2024","author":"enterpriseam admin","date":"15 November 2023","format":false,"excerpt":"Qatar promised to invest USD 5 bn \u201cin the coming period\u201d back in 2022","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/812.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549484,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/qatar-eyes-investment-in-egypts-container-terminals\/","url_meta":{"origin":544980,"position":2},"title":"Qatar eyes investment in Egypt\u2019s container terminals","author":"enterpriseam admin","date":"19 September 2022","format":false,"excerpt":"Qatar, Transport Ministry to conduct feasibility studies for Egypt port investment: Maha Capital, the investment arm of Qatar Investment Authority (QIA), has signed an MoU with the Transport Ministry to explore investment in Egypt\u2019s container terminals, the ministry said in a statement yesterday. 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