Shaikha Al-Bahar Participates in the Egyptian-Kuwaiti Cooperation Council Delegation in Cairo
KUWAIT CITY, Apr 24: Ms. Shaikha Al-Bahar, Deputy Group CEO of the National Bank of Kuwait, participated in the Egyptian-Kuwaiti Cooperation Council's visit to Cairo, aimed at exploring avenues to strengthen bilateral cooperation and unlock new opportunities across various sectors.
The Kuwaiti delegation, headed by Mr. Mohammed Al-Sager Head of the Egyptian-Kuwaiti Cooperation Council—comprised senior representatives from prominent Kuwaiti banks and corporations.
The delegation was received by His ExcellencyPresident Abdel Fattah El-Sisi at the Presidential Palace in Cairo, where he extended an invitation to Kuwaiti investors to explore the wealth of opportunities available in Egypt. He emphasized the incentives and facilities provided by the Egyptian government, encouraging the development of industrial cooperation through the establishment of strategic partnerships between Egyptian and Kuwaiti companies. El-Sisi underscored the immense potential of the Egyptian market, emphasizing its expansive scale, robust growth prospects, and significant demand across diverse sectors. He highlighted the substantial opportunities available for investors, particularly in high-value industries, where they stand to reap considerable returns.
The delegation also held a meeting with Egyptian Prime Minister Dr. Mostafa Madbouly at the Government Headquarters in the New Administrative Capital. The meeting was attended by Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade; Ambassador Ghanem Saqr Al-Ghanem, Kuwait's Ambassador to Egypt; and Ambassador Osama Shaltout, Egypt's Ambassador to Kuwait.
During the meeting, Prime Minister Madbouly invited Kuwaiti investors to tap into the wide array of investment opportunities available in Egypt, affirming the government's willingness to grant the 'Golden License' to projects mutually agreed upon by both sides—streamlining procedures and reinforcing Egypt's commitment to facilitating foreign investment.
Madbouly expressed his keen interest in seeing the Kuwaiti side explore the diverse investment prospects Egypt has to offer across a range of sectors. He emphasized Egypt's openness to forging various forms of partnerships with Kuwaiti investors, underscoring the country's commitment to fostering mutually beneficial collaboration that serves the shared interests of both nations.
He outlined several promising investment opportunities within the Egyptian market, particularly in key sectors including food security, oil and petrochemicals, logistics, tourism, and hospitality.
The Egyptian Prime Ministeralso reaffirmed the freedom to transfer foreign funds abroad, noting that the economic reforms implemented by the Egyptian government since March 2024—most notably the adoption of a flexible exchange rate policy—have significantly bolstered the country's foreign currency reserves.
The delegation also held discussions with Egyptian Foreign Minister Dr. Badr Abdelatty, who expressed pride in the longstanding and historic ties between Egypt and Kuwait. He provided an overview of the recent economic reforms and national projects undertaken by Egypt, highlighting efforts to enhance the investment climate and strengthen the role of the private sector across various industries.
Furthermore, the Kuwaiti delegation engaged in a meeting with Egyptian Minister of the Public Business Sector, Eng. Mohamed Shemy, alongside Mohamed Jubran, Minister of Labor, to explore avenues for strengthening bilateral cooperation across business, economic, and commercial sectors. The discussions also focused on the investment opportunities available for Kuwaiti investors in the Egyptian market.
Additionally, the delegation participated in the Egyptian-Kuwaiti Investment and Business Forum, attended by a range of ministers and senior officials. The forum, which aimed to bolster economic and investment ties between Kuwait and Egypt, facilitated discussions on enhancing collaboration across various business, economic, and commercial sectors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab Times
9 hours ago
- Arab Times
KFAED allocates USD 11.4 billion for 540 development projects in Africa
KUWAIT CITY, June 10: Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED) Waleed Al-Bahar said Tuesday, the fund financed 540 development projects in more than 50 African countries at a value exceeding USD 11.4 billion. This came as Al-Bahar participated in the Africa Day celebration held at the invitation of the ambassadors and heads of African diplomatic missions accredited to Kuwait to commemorate the founding of the African Union. The fund's operations in Africa and its projects represent approximately 57 percent of its total global activity and have contributed to a qualitative shift in the economies of African countries and improved people's living, said Al-Bahar in a statement. He expressed pride in KFAED's relations with African countries, stressing his commitment to strengthening bilateral relations and achieving greater progress, prosperity, and development for the peoples of the continent through ongoing cooperation. Regarding the Africa Day celebration, Al-Bahar said that the fund is participating for the ninth consecutive year with a special pavilion highlighting its development and humanitarian efforts on the African continent. This year's celebration saw the participation of more than 30 African Union embassies, displaying their cultural and historical heritage through exhibits, collectibles, and craft tools that reflect the diverse professions and activities of each country, he added. KFAED was established in 1961 as the first development institution in the Arab region, before expanding its scope of activities to include developing countries starting in 1974, with its contributions reaching 105 countries to date. (KUNA)
Arab Times
9 hours ago
- Arab Times
Gold price drops to USD 3,310 per ounce
KUWAIT CITY, June 10: Gold prices declined to USD 3,310 per ounce last week affected by strong American labor market data, specialized economic report showed. A report by Kuwaiti Dar Al-Sabaek mentioned that the week started with a high of USD 3,403 an ounce, but gradually decreased due to lack of incentives profit making. American jobs report for the month of May included the addition of 139,00 job, surpassing expectations of 125,000, with unemployment rates remaining at 4.2 percent, supporting strength of the dollar and increasing bond yields. The report stated that trade talks between the United States and China played a role in limiting gold's gains after the two presidents held a phone call that helped calm tensions, followed by the announcement of an upcoming trade meeting in the British capital, London. It indicated that geopolitical tensions in other regions, such as the Russian-Ukrainian crisis and escalating events in the Middle East remain supportive factors for gold prices, in addition to the continuous intensified purchases the precious metal by central banks around the world, in a strategic shift away from dollar-denominated assets. The report noted that global markets are awaiting the release of US inflation data this week, starting with the Consumer Price Index on Wednesday, followed by the Producer Price Index on Thursday, followed by the University of Michigan's Consumer Confidence Survey on Friday. It indicated that this kind of data is pivotal in determining the path of monetary policy by the US Federal Reserve ahead of its meeting scheduled for the 17th and 18th of this month. Locally, the price of 24-karat gold reached KD 32.750 per gram (approx. USD 107), while the price of the 22-karat gram reached KD 30 (approx. USD 98) and the silver kilogram KD 407 (approx. USD 1,329). (KUNA)
Kuwait Times
9 hours ago
- Kuwait Times
Kuwait officially bans raising foreign flags, sectarian symbols
Kuwait officially bans raising foreign flags, sectarian symbols New amendments aim to 'preserve public order, reinforce the duty of national allegiance' KUWAIT: Kuwait has introduced a new decree law effectively banning the raising of foreign flags and symbols representing religious, tribal, or social groups without prior approval from the Ministry of Interior. This new regulation, published on Sunday in the official gazette Kuwait Al-Youm, applies to both public and private occasions, including national holidays, celebrations, and regular days. The legislation, Decree Law No 73 of 2025, amends the existing Law No 26 of 1961 concerning the Kuwaiti national flag. Under this amended law, individuals are now prohibited from displaying any foreign national flag unless permission is granted. The only exceptions are during regional and international sports tournaments held in Kuwait and where such displays are in line with international conventions, such as those governing embassies, consulates, and diplomatic missions. This decree also extends the ban to flags and symbols that represent religious sects, tribal affiliations, or social factions. This measure is described as a move intended to protect national unity and public order within the country. Ministers have been tasked with enforcing the law, which took effect immediately upon its publication in the official gazette. Stiff penalties introduced The new regulations come with a series of escalating penalties, with fines ranging from KD 1,000 to 10,000. Unauthorized display of foreign flags is punishable by up to six months in prison and a fine ranging from KD 1,000 to 2,000. Displaying sectarian or tribal flags or symbols carries a heavier sentence of up to three years in prison and fines of KD 2,000 to 10,000. Improper use of the Kuwaiti national flag, such as using it for commercial advertising or in a damaged state, is also penalized with up to one year in prison and fines between KD 300 and 2,000. All violations may result in confiscation of the flags or symbols, and repeat offenders will face doubled to public harmonyThe decree aims to close existing regulatory gaps regarding the display of foreign and symbolic flags. According to the law's explanatory memorandum, the legislation was introduced in response to repeated incidents where foreign and sectarian flags were displayed during public events and private gatherings — actions that officials warned could disrupt public harmony and weaken national identity.'The raising of certain foreign flags within the country during official celebrations may compromise public order,' the memorandum stated. It added that the law seeks to 'preserve public order, protect society, reinforce the duty of national allegiance, and safeguard national unity.'The government clarified that the law does not override existing international treaties that allow foreign embassies and diplomatic missions to display their national flags on their premises and vehicles.
