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Sun 29 May 2011 09:54 PM

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Qatar signs deal for two major ports in Egypt

Senior Qatari official says projects will create more than 1m new jobs to boost Egypt's economy

Qatar signs deal for two major ports in Egypt
Qatar said on Sunday that it had signed an agreement with Egypt to establish two new ports with the potential to create more than a million jobs. (Getty Images)

Qatar said on Sunday that it had signed an agreement with Egypt to establish two new ports with the potential to create more than a million jobs.

The ports will be built in Port Said and Alexandria, Khalid bin Mohammed Al Attiyah, Qatar's Minister of State for International Cooperation said.

After leading a delegation to Egypt, he said there will also be bilateral cooperation in establishingtwo investment companies in Africa, with one focused on Sudan.

In comments published by Qatar News Agency, he said that 1m job opportunities would be created by the Port Said port project with another 200,000 jobs as a result of the Alexandria proposal.

The Minister said that the two sides would draw up a plan to carry out their agreements and set a time frame for the establishments of the ports.

He added that a delegation of Qatari businessmen would visit Egypt next month to look for investment opportunities.

Al Attiyah left Cairo on Sunday afternoon after a three-day visit.

Last week, Qatar said it was drawing up potential projects worth at least $10bn to help Egypt's economy after the popular uprising that ousted president Hosni Mubarak in February.

Egypt has been asking donors and the International Monetary Fund to help to bridge an estimated $10-12bn balance of payments gap for the fiscal year that begins on July 1, economists say.

In the last week, Saudi Arabia, the US and other international donors have also pledged assistance to Egypt.

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Mariam 9 years ago

Thank you Qatar!

Tamer Shoukry 9 years ago

It seems that Qatar will replace the old oligarchy with its own style of business monopoly! What new ports in Port Said & Alexandria? They're the same ports that people revolted over last January when they found that they were taken over by businessmen sleeping with Mubarak's regime. Now its being taken over by Qatar & her cronies!

Esraa 9 years ago

Thank you Tamer Shoukry, I agree with you 100% and I am a Qatari!
When we all watched the protests in Egypt we were aware that the Egyptians wanted to end all the neoliberal reforms that were robbing them from their national wealth. what Qatar is doing now Mubarak would have done... what's changed?

Hossam 9 years ago

As an egyptian , I would like to thank Qatar for their support . The mutual support between Egyptian skilled people and Qatar's financial strength complement each other and prove that arab brotherhood can never be broken . Not to forget Al-Jazeera who was a great catalyst during the egyptian revolution .

Again , thank you Qatar .. :-)

Abdulaziz 9 years ago

I am surprised by the hatred and envy of some Egyptians

Abdulaziz 9 years ago

This will offer 1,000,000 jobs for Egyptians. I don't understand some Egyptians who complain about the only country which is helping them at their worst time. If this investment was offered from the IMF you would have been in debt for another 10 years. There is a local saying; "Kiss the back of your hand" and be thankful my Arab brother :).