Doha February 27 2023: Egypt and Qatar signed a dual taxation elimination agreement aimed at boosting investment from the gas-rich Gulf Arab state, as the North African nation seeks hard currency to help revive its economy.
The pact, which covers elements such as capital gains, interest, income tax, corporate profits, dividends and other related issues, came as Prime Minister Mostafa Madbouly met with Qatar’s emir and other top officials on Monday.
Egyptian officials are counting on investments and assistance pledged last year by Qatar and other Gulf states to help mitigate a foreign-exchange crunch that emerged in the wake of Russia’s invasion of Ukraine. Little of that money, however, has arrived.
Qatar is looking to increase its investments in Egypt, Egypt’s cabinet said in a statement, citing the nation’s leader. Qatar’s prime minister said the taxation agreement would have a “tangible” impact on increasing and encouraging investments from his country, according to the cabinet.
Among the areas of cooperation discussed were green hydrogen, ports, pharmaceutical manufacturing, construction and real estate.
