Kuwait to provide Egypt with massive investments in 7 vital sectors
Kuwait announced its intentions to make major investments in Egypt and capitalize on its investment opportunities following Egyptian President Abdel Fattah al-Sisi's visit.
Egypt and Kuwait issued a joint statement following the conclusion of President Sisi's two-day visit to Kuwait at the invitation of Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait.
The visit included extensive bilateral discussions that addressed bilateral relations between both countries.
Kuwait expressed its desire to take advantage of Egypt's significant investment opportunities in the fields of energy, agriculture, industry, information technology, real estate development, the banking sector, and pharmaceuticals.
The joint statement also emphasized Egypt and Kuwait's agreement to advance economic, investment, and trade relations between the two countries.
Kuwait further expressed its desire to implement major investment projects in Egypt, and welcomed the ongoing preparations of Cairo to host the Egyptian-Gulf Investment Forum this year.
The two sides affirmed their determination to strengthen trade and investment relations in the coming period to serve common interests, and tasked officials in both countries with taking the necessary steps to achieve this.
Strong ties
Kuwait praised the unprecedented development boom witnessed by Egypt under the wise leadership of President Sisi, as well as the efforts made to improve the investment climate in accordance with Egypt's Vision 2030, and the diligent efforts made to remove any obstacles facing Kuwaiti investors in Egypt.
President Sisi's visit to Kuwait came as part of a Gulf tour aimed at strengthening economic cooperation, particularly in light of regional and global challenges such as fluctuating energy prices and the need for food security.
Egypt and Kuwait enjoy close historical relations spanning decades. Kuwait is one of the largest Arab investors in Egypt, with investments estimated at approximately US$20 billion distributed among more than 1,000 Kuwaiti companies operating in the Egyptian market.
According to recent diplomatic statements, these investments include vital sectors such as real estate, banking, food industries, and tourism.
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