The board of the Egyptian-Qatari Business Council was approved on Sunday. The Egyptian side includes Moharram Helal as president, as well as former Arab Contractors president Ibrahim Mahlab, businessman Ahmed Abu Heshima and businesswoman Abir Essam Eddin.

Head of the Egyptian-Qatari Business Council Moharram Helal said that Qatari businessmen plan to invest US$18 billion in Egypt.

Helal said that the investments, which include $8 billion in Suez and $10 billion in the North Coast, would be complete within five years.

Helal said that Egyptian workers would be the main beneficiaries of the development of Egyptian-Qatari relations, especially since Qatar has abolished an Egyptian quota system, which sets a maximum limit for Egyptians working there.

Ahmed Abu Heshima, vice president of the council said that he predicts that the proposed Egyptian-Qatari industrial zone provides about a million jobs.

Abu Heshima added that the region will witness the development of intensive energy consuming industries, such as fertilizers, cement, iron and compressed sponge.

He called for protecting local industry by imposing high tariffs on similar imported products, while helping investors purchase industrial land.