1,100 Kuwaiti companies invest $9B in Egypt: report

CAIRO - 22 October 2019: Deputy Chairman of the Federation of the Chambers of Commerce Adel Nasser said that the volume of Kuwaiti investments in Egypt exceeded $9 billion of more than 1,100 companies in the different production and service sectors.

The Egyptian investment in Kuwait exceededs $1 billion, Nasser said during the Egyptian-Kuwaiti business forum.

The successive governments clearly worked for setting the atmosphere for the private sector to fulfill its role in development, Nasser said.

Nasser necessitated the promotion of Kuwaiti investments in Egypt in the different domains including the industrial sector, the logistics in Suez Canal axis, real estate sector, tourism in the New Administrative Capital and New Alamein, agricultural investment in the Egyptian countryside, the electricity sector and petrochemicals industries.

Trade exchange between Kuwait and Egypt exceeded $2.5 billion in 2018, he said, adding that Egypt receives more than 110,000 Kuwaiti tourists annually.

Meanwhile, Board member of the Kuwait Chamber Commerce Trade Industry Tarek el Motawaa asserted the depth of historical ties between Egypt and Kuwait.

The private sector is responsible for activating and promoting ties between Egypt and Kuwait via legal and institutional frameworks that encourage investments and work on removing obstacles, Motawaa said.

The volume of non-petroleum Kuwaiti investments in Egypt has reached $4 billion in the fields of tourism, industry and agriculture, he said.