Qatar invests 18 billion dollars in energy, tourism

Qatar will invest 18 billion dollars in Egypt, the pan-Arab press reports. The investment will reportedly focus on the Egyptian industry and tourism sectors. In particular, 8 billion dollars will be spent in the energy sector to built steel, iron and gas plants in the Suez Canal and 10 billion in tourist resorts on the Mediterranean coast. Qatar has already donated 2 billion dollars to support Egypt's budget and in August it transferred 500 million dollars to the central bank of Egypt in spite of a 4.8 billion dollars loan requested by Cairo to the International Monetary Fund.