By Mohamed Ayyad
The government is considering a proposal from Kuwaiti Ambassador to Cairo Salem Al-Zamanan to form an Egyptian-Kuwaiti economic committee to increase investments and settle outstanding disputes.
This suggestion came yesterday during a morning meeting between Prime Minister Ibrahim Mehleb, the Kuwaiti ambassador to Cairo, and the Minister of Industry, Foreign Trade, and Investment
In one dispute, the government has been wrangling with Egyptian Kuwaiti Company (Al Ayat) since 2011, over 26,000 acres in Al-Ayat, which the company asked to take for agricultural purposes, but later used for real estate. The government demanded a reassessment of the land to account for its more expensive real estate usage.
The interim government claims the company owes approximately EGP 36bn from the period of former prime minister Essam Sharaf and EGP 100bn from the Hesham Qandil period. The company has rejected this claim, which it says is exaggerated.
The Kuwaiti ambassador said that the meeting did not address the Al-Ayat land dispute, but he said that talks over the past few days with the Ministry’s dispute settlement commission has made “remarkable progress,” as there was agreement over evaluating the land in a realistic way.
“The Mehleb government is serious about the settlement this time,” especially after the government made amendments to Article 5 of the law on bids and tenders. The amendment allows the government to have priority over its lands without any interference.
The company has announced its intention to launch a housing project for two million low- and middle-income residents with an investment cost of up to EGP 150bn. The project, which will be completed over several stages, will take 25 years.
According to a cabinet statement, “The meeting reviewed aspects of cooperation between the two brotherly countries, particularly in turns of economic matters.”
The prime minister emphasised that the government has to do more to create the right climate to attract more investors, and Arab investors in particular. He thanked Kuwait for supporting Egypt.
