The Minister of Finance, and Chairperson of Kuwait Investment Authority (KIA), Nayef Falah Al Hajraf, stated that the KIA is responsible for the Kuwaiti government’s overseas investments. He explained further that the KIA invests in Egypt through the KIPCO comapny and several other Kuwaiti-Egyptian investment companies.
Furthermore, Al Hajraf declared, during his meeting with the Egyptian Minister of Investment and International Cooperation, Sahar Nasr, in the joint meeting of Arab finance institutions in Kuwait, that the KIA contributes in many projects in Egypt in the fields of health, real estate, tourism, and banking. He also asserted that the KIA has plans to expand its investments in Egypt during the next period.
During the meeting, the two sides agreed to work on increasing joint investments between Egypt and Kuwait, as well as encourage businessmen in both countries to pump new investments and invite investors in Kuwait to visit Egypt in order to see the promising investment opportunities.
They revealed that Kuwaiti investments in Egypt currently amount to $4.7 bn, with 1,302 companies in the fields of industry, finance, real estate, tourism, services, and agriculture.
For her part, the Egyptian Minister presented the investment opportunities included in the investment map in Egypt, especially in the major national projects such as the New Administrative Capital, the Suez Canal and the new Alamen.
Following the meeting, Nasr met with Mohamed Hamoud Alshaya, chairperson of Alshaya Group, where she discussed with Alshaya increasing the group’s investments in Egypt, which reached EGP3.5 bn.
For his part, Al Shaya stated that the company has 145 stores in Egypt in several governorates, in addition to 22 international agencies in the fields of clothing, restaurants, and health care which provide about 1,750 job opportunities.
Kuwait Investment Authority to expand its investments in Egypt during coming period
