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An important Qatari project

An important Qatari project on the North Coast

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said last week that a significant real estate project is being planned by his country on Egypt’s North Coast, Enterprise reported. “We are ready to hold these consultations immediately, which will contribute to the speedy implementation of the project as soon as possible,” Al Thani said in a release.

The details:

On our side, the Egyptian government is planning to provide Qatar with a list of potential investments in Greater Cairo and the new capital aside from a list provided for North Coast ventures.

Qatar is also currently in talks about potential investments in logistic zones and ports. Prime Minister Moustafa Madbouly also noted that data centers are attracting the attention of investors in Qatar, with a number of projects in New Alamein and Greater Cairo set to be available.

Remember, Qatar is not the only interested foreign suitor:

Similar to the USD 35 billion Ras El Hekma agreement with the UAE, the Egyptian government is close to finalizing a deal to sell off the rights to Ras Banas on the Red Sea to Saudi Arabia, we wrote in October.

Investments for the project may reach USD 25 billion.

Egypt’s NFAs fall in October

The CBE reported that in October 2024 net foreign assets of the Egyptian banking system totaled USD 9.2 billion (EGP 450.861 billion) , down from USD 10.3 billion (c. EGP 498.6 billion) in September 2024.

Remember:

In May, there was a positive balance in net foreign assets, reaching EGP 676.4 billion and marking a significant improvement from April’s deficit of EGP 174.385 billion.

More details:

In October, the banking system’s overall foreign assets reached EGP 3.584 trillion, slightly higher than the EGP 3.562 trillion recorded in September.

Liabilities rose to EGP 3.133 trillion in October from EGP 3.064 trillion in September.

Commercial banks were the main reason for the decline as their net foreign asset deficit increased to USD 1.4 billion in October compared to USD 132 million in September.