DOHA, Qatar (AFP) — Qatar plans to invest US$7.5 billion in Egypt, the two countries said in a joint statement on Monday after Egyptian President Abdel Fattah al-Sisi visited the gas-rich Gulf state.

“The two sides emphasised the importance of strengthening economic cooperation… they agreed to work toward a package of direct Qatari investments totalling $7.5 billion, to be implemented over the next phase,” Qatari official media said, citing the statement.

Qatari Emir Sheikh Tamim bin Hamad Al-Thani and Egypt’s President Abdel Fattah al-Sisi met in Doha on Sunday and Monday.

The targeted investment “reflects the strength of the relationship between the two countries and contributes to achieving sustainable economic development”, the statement added.

Qatar is one of the world’s top liquefied natural gas producers, alongside the United States, Australia and Russia.

Egypt, the Arab world’s most populous nation, has taken tentative steps to emerge from its worst-ever economic crisis with prices for consumer goods rising by the day in major cities early last year.

Its economic troubles have worsened due to the war in the neighbouring Gaza Strip, which began with Hamas’s October 7, 2023, cross-border attack on southern Israel.

Attacks on Red Sea shipping lanes by Yemen’s Huthi rebels — who say they are targeting global trade in solidarity with Palestinians in Gaza — have severely hit the Suez Canal, one of Egypt’s key sources of foreign currency.

The two countries, which have also led mediation efforts for a ceasefire in Gaza, “emphasised the centrality of the Palestinian cause as the foremost Arab issue” and called for an international conference on reconstruction in the Palestinian territory to be held in Cairo.

“We will continue our joint efforts to support our brothers in the Gaza Strip and occupied Palestine, with the aim of establishing sustainable security and peace,” the Qatari ruler wrote in a post on X following the meetings.

The Egyptian presidency said in a statement the two leaders discussed “efforts to achieve a ceasefire in the Gaza Strip and address the deteriorating humanitarian situation there”.