
INTERVIEW: Egypt Kuwait Holding to expand into Saudi Arabia and Northern Europe in 2025
Cairo-headquartered investment firm Egypt Kuwait Holding Company (EKH) is set to enter the Saudi market for the first time and launch a new project in Northern Europe in 2025 as part of its global diversification strategy, CEO Jon Rokk revealed.
The company, listed on both the Egypt and Kuwait stock exchanges, is planning to invest between $150 million and $200 million over 2025 and 2026 as part of its strategic growth plan, he said in an interview with Zawya Projects.
'Our group prioritises increasing foreign currency revenues and boosting exports, while also strengthening our financial position and continuing to drive regional development,' he said.
EKH's diversified portfolio includes fertilisers and petrochemicals, gas distribution, power generation and distribution, and insurance and non-banking financial services, predominantly in Egypt.
The EKH executive didn't elaborate on the Northern Europe foray but said the Saudi investment, which falls within the energy sector, is fully financed by the company, with all credit arrangements already completed.
He further described the move as strategic, positioning EKH for long-term growth in the Saudi market but didn't disclose investment specifics.
Rokk said the company is open to Sukuk or bond issuances as part of its financing strategy for expansion projects. Without going into details he confirmed they are reviewing all available financing options, taking into account project requirements, market conditions, cost efficiency, and the expected returns from each financial instrument.
'We aim to strike a balance between self-financing and external financing to ensure continuous growth while maintaining our strong financial position,' he said.
EKH reported $642 million in revenues for 2024, with gross profit and EBITDA margins coming in at 40 percent and 39 percent, respectively. Net profit amounted to $185 million with net profit margin increasing by 2 percentage points (pp) year-over-year (y-o-y), reaching 29 percent. EKH's attributable net income totaled $163 million for 2024.
Rokk said the company holds $527 million in cash and financial assets while its current bank liabilities stand at $583 million.
'We are committed to managing our financial resources efficiently, focusing on maximising cash flow and shareholder returns while maintaining financial stability,' he said.
Egypt expansion plans
Within Egypt, its key market, EKH is actively exploring investment opportunities in state-owned assets and enterprises that the government is offering for investment or sale.
'We are particularly focused on investments in digital transformation and new projects that align with our sustainable growth strategy,' he said.
As part of its expansion strategy, the company is also looking at securing additional concessions for oil and gas exploration sector in Egypt, he added.
EKH operates in Egypt's energy and energy-related sectors through its subsidiaries, NatEnergy and Offshore North Sinai (ONS). The ONS concession is operated by North Sinai Petroleum Company (NOSPCO).
ONS posted revenues of $62 million in 2024, up 7 percent y-o-y, while net profit reached $31 million, with a net profit margin of 50 percent. Fourth quarter 2024 revenues rose 32 percent y-o-y to $19 million, driven by the commencement of production from the Aton-1 and KSE2 wells.
'Production from the two sites will enable us to maintain a steady gas production rate of 55 million standard cubic feet per day through 2026,' said Rokk.
He added that Egyptian General Petroleum Corporation (EGPC) has approved the extension of the concession by 10 years, which enhances the sustainability of operations and supports EKH's future growth plans in Egypt.
'We appreciate the efforts of the Ministry of Petroleum and EGPC in supporting investments and fostering a conducive environment for growth,' he said.
Outstanding receivables
When asked about the outstanding receivables from the Egyptian government for gas supplies from the ONS concession, he said the government's commitment to supporting the oil and gas sector remains crucial for industry stability.
'The company's receivables from the Egyptian government are part of contractual obligations that are settled according to agreed-upon mechanisms,' he said.
He highlighted that since July 2018, the gas purchase price agreed with the government has ranged between $5.18 and $5.88 per million British thermal units, reflecting global market trends. Linked to oil prices and estimated extraction costs, this pricing structure remains advantageous for the company.
'Currently, there are no ongoing negotiations to revise this price,' he confirmed.
He also pointed out that the company will start a rebranding exercise this year that will position it as a top-tier global investment firm, capable of competing in international markets.
'The new brand identity embodies the company's ambitions and ongoing expansion, as we transition from a regional powerhouse to a globally recognized investment firm, driven by a clear vision for growth and development,' he concluded.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
9 minutes ago
- Zawya
Egypt: MCDR's profits hit $32mln in 2024; revenues jump 34%
Cairo - Misr for Central Clearing, Depository and Registry (MCDR) recorded net profits amounting to EGP 1.69 billion in 2024, according to the financial results. The strong performance was backed by a 34% year-on-year (YoY) surge in revenue from operations, amounting to an increase of EGP 153.70 million at the end of December 2024. Additionally, the returns on investments hiked by 78% YoY to EGP 685 million. Hesham Mabrouk, Managing Director of MCDR, stated: "Financial results for 2024 clearly attest to the success of the institutional development programs implemented by the company, whether through updating technological infrastructure, strengthening governance, or engaging with regulatory reforms.' 'These results are particularly significant as they represent the highest annual profits since the company's establishment, reflecting the strength of its financial performance and reaffirming its position as a leading entity in the Egyptian financial market,' Mabrouk added. He indicated: 'The company piloted the 'Egypt Clear' application for dividend disbursement, demonstrating our commitment to providing innovative digital solutions that enhance service efficiency and support our digital transformation and financial inclusion strategies."


Gulf Today
14 hours ago
- Gulf Today
Saudi CDF celebrates KSA handicrafts through showcase in Selfridges, London
The Saudi Cultural Development Fund (CDF) is showcasing a curated collection by Saudi artisans at Selfridges London, one of the world's leading luxury retail destinations, June 3-22. The initiative highlights the cultural and economic value and salience of Saudi handicrafts, providing an international platform for local artisans and cultural entrepreneurs to introduce their work to a global audience, as part of CDF's ongoing efforts to amplify the impact of the Year of Handicrafts 2025 in KSA. In collaboration with Turquoise Mountain, a global non-profit dedicated to reviving traditional arts and empowering craftspeople, the showcase offers visitors a curated selection of handcrafted pieces in a dedicated space within Selfridges. Themed with references to Saudi Arabia's natural and architectural heritage, the activation highlights work crafted from locally sourced, sustainable materials, reimagined through a contemporary creative lens. The collection features handicraft pieces in palm handicrafts, jewellery and accessories and leather crafts created by artisans from across the Kingdom, together representing the diverse and rich landscape of Saudi artisanship. Examining a product. The programme runs in parallel with a Saudi fashion showcase at Selfridges, also enabled by CDF in collaboration with the Saudi Fashion Commission. It features a curated lineup of Saudi fashion brands — beneficiaries of CDF and the Saudi 100 Brands initiative — presenting their collections alongside Selfridges' leading international labels, highlighting the dynamism and rapid growth of Saudi Arabia's cultural sector. Through the multifaceted show, CDF aims to empower artisans and cultural entrepreneurs to showcase their work on a global stage, stimulate investment in the handicrafts and fashion sectors, and reinforce the international visibility of Saudi heritage during the Year of Handicrafts 2025 in Saudi Arabia. The showcase builds on CDF's ongoing Year of Handicrafts initiatives to empower the Saudi cultural sector, maximise economic and social contributions of traditional crafts, and broaden their reach, both locally and internationally. A key milestone in the efforts is the recent launch of the Nama' Accelerators: Handicrafts Track — a dedicated enablement solution that supports cultural businesses through specialised training, mentorship, and financial incentives. By developing scalable, sustainable enterprises, Nama' drives community growth, enhances innovation, enriches national identity, and reinforces heritage crafts as dynamic contributors to Saudi Arabia's broader economic diversification. Through Nama' and other empowerment solutions, CDF strives to strengthen the creative entrepreneurial ecosystem and ensure that traditional crafts thrive as both cultural treasures and engines of economic growth. Founded in 2021, CDF seeks to enrich Saudi Arabia's cultural landscape. It is organisationally linked to the Saudi National Development Fund and aims to foster the development of a self-reliant cultural sector. By supporting cultural activities and projects, empowering those involved in them and facilitating investment in the sector, CDF works to improve the cultural sector's profitability, in alignment with the National Culture Strategy and Saudi Vision 2030. Selfridges is a London icon. Aligned with the Ministry of Culture's ambitious goals, the Saudi Fashion Commission was established to empower and support the fashion sector in Saudi Arabia. The Commission's strategy focuses on supporting the fashion community throughout the total value chain, from the design process through production, development, and product lifecycle management. The Commission recognises the fashion industry as a pillar of local culture, reflecting Saudi Arabia's rich heritage. It works to amplify Saudi heritage and identity within the industry, contributing to fulfilling global needs and achieving a positive impact on the national economy. The Commission's mission is to enable the development of a thriving Saudi fashion sector that is sustainable, inclusive, and fully integrated to support local talent. Handicrafts have long held a special place in Saudi Arabia's cultural fabric, representing a prosperous heritage passed down through generations. Rooted in the creativity and skill of Saudi artisans, traditional crafts symbolise the nation's ingenuity and resilience, while highlighting its diverse cultural identity. Throughout 2025, the Saudi Ministry of Culture is organising an array of events, exhibitions, educational programmes and competitions under the banner of the 'Year of Handicrafts'. The activities aim to emphasise the cultural and historical significance of handicrafts, while supporting their relevance in contemporary life. By highlighting artisanry across various sectors, the initiative seeks to foster appreciation for traditional arts and encourage their continued practice and preservation. Handicrafts, including palm weaving, metalwork and pottery, serve as enduring symbols of Saudi culture, blending tradition with modernity. They are not only artistic expression, but also a reflection of the Kingdom's history, values, and adaptability. By celebrating them, the Year of Handicrafts aims to inspire new generations to engage with their heritage and highlight the talent of Saudi artisans to local and global audiences. The initiative also seeks to empower artisans by enhancing opportunities for their crafts in contemporary markets and strengthening their connection with the global community. Through partnerships across the public, private, and non-profit sectors, the Year of Handicrafts cultivates sustainable practices, fosters innovation, and contributes to cultural dialogue. As a testament to the Ministry of Culture's commitment to safeguarding Saudi Arabia's heritage, the Year of Handicrafts also provides a platform to celebrate the stories, skills, and traditions that form the foundation of the Kingdom's cultural identity. Selfridges is an upscale department store, stocking designer and popular clothing brands plus housewares and gifts. The Oxford Street icon is a London landmark and a luxury shopping experience, home to both affordable and premium brands, offering fashion, beauty, time pieces and jewellery to home and technology and haute cuisine.


Gulf Today
2 days ago
- Gulf Today
India's GCC to surpass 300m sqft office leasing in 3-4 years
India is the most mature market for Global Capability Centres (GCCs), with 44 per cent of GCCs transitioning to take on end-to-end portfolio ownership, drive innovation and peer collaboration with global roles. Initially set up to save costs and help organisations with their business functions, Global Capability Centres (GCCs) have significantly made their presence felt in India. Today, the country is home to over 1,950 such centres established by top multinational corporations, to serve the global and regional market with more efficiency, according to JLL survey. According to the JLL survey, there are 245+ million sq ft Grade A stock occupied by GCCs in the top 7 cities, ~75 per cent combined share of manufacturing, IT/ITeS & BFSI. 71 per cent of all GCC demand since 2018 has been from US-headquartered firms. 40 per cent of overall office leasing activity accounted for by GCCs between 2018-2024. Global Capability Centres are set to surpass 300 million sqft in the next 3-4 years, driven by new entries and expansions. 100+ GCCs entered India in the last two years alone. 28 million sq ft of leasing by GCCs in 2024 has been reported, highest ever in a year. The 3/4th share of Bengaluru, Hyderabad and Chennai in space leased by Global Capability Centres in last two years. 75 per cent combined share of manufacturing, IT/ITeS & BFSI 71 per cent of all GCC demand since 2018 from US-headquartered firms. India is home to the largest number of GCCs globally (over 1,950). This is significantly more than other popular destinations like the Philippines, Poland or China. India has developed strong capabilities in digital technologies and their adoption. High impact areas like AI, blockchain, data analytics, cloud computing and cyber security are at the core of GCC operations in India. India's technology industry expanded its 58-lakh strong workforce by 1.2 lakhs in 2024-25, with Global Capability Centres accounting for over 1 lakh of these roles. The rise of new-age technologies will result in more digital-savvy professionals as the tech sector grows on to become $300 billion industry in FY 2025-26. These centres help centralise and standardise certain functions of the parent organisation. They provide several services, like finance, HR, IT, and procurement, at one place, thereby improving efficiency and lowering costs. Focused on research and development, these centres are innovation hubs for new products, technologies, and processes. Normally, R&D centres are oriented towards a particular field where the parent organisation has shown high levels of expertise and specialisation. These centres are meant to help organisations remotely share information. They are responsible for collating and disseminating knowledge within the organisation and across geographies. Focused on creating a hub for ideas, innovation centres foster innovation and creativity with opportunities for collaboration. These centres are where companies can develop new ideas, conduct research, and build prototypes. They offer a range of services to assist customers in any way possible. They are usually responsible for managing customer inquiries, complaints, and feedback. There are several Indian cities that are considered ideal for a GCC due to their strong infrastructure, skilled workforce, and favourable business environment. For example: Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. Based on the type of GCC companies are looking to establish, service requirements may vary. There is a need to choose services that best match the functions and operations of the centre. Some common services include legal and regulatory compliance, real estate, technology, human resources, financial support, support services and transportation and logistics. In a world driven by cutting-edge technology, it is important for global capability centres to create a truly tech-savvy office space. The innovation hub needs to keep pace with the digital age and set a standard for the future of work. The landscape of global capability centres is rapidly evolving. Today, it's not just about cost efficiency; it's about building resilient, innovative, and talent-centric hubs. My parents gifted me a residential property in Mumbai. I hold another unit besides some equity. How to minimise tax liability if I wish to sell the unit? Sunil Prabhu, Sharjah. Generally, when you sell a residential property, one option is you can reinvest the capital gain amount into another residential unit before one year from the date or sale or within two years. In case it is invest in a project undergoing construction, the period can be extended to three years. If not wished to reinvest, the capital gain upto Rs 50 lakh can be reinvested in designated bonds. As far as equity is concerned, you can invest the entire sale proceeds into a residential property. I am based in Gulf and investing in a project in Bengaluru. Is GST applicable to all types of residential projects? Please clarify. Deepak Sinha, Dubai. The impact of GST on residential property depends on the phase of construction, the location as well as the type of project. For example, GST impact will be observed more in case of new launches as compared to near completion projects. Similarly, projects in suburban areas will be more impacted when compared to city-centre projects.