Latest news with #Egyptian-KuwaitiCooperationCouncil
Zawya
25-04-2025
- Business
- Zawya
Shaikha Al-Bahar participates in the Egyptian-Kuwaiti cooperation council delegation in Cairo
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 Excellency President 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 Minister also 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.
Al-Ahram Weekly
24-04-2025
- Business
- Al-Ahram Weekly
El-Sisi stresses businessmen role in boosting Egypt-Kuwait cooperation - Economy
President Abdel-Fattah El-Sisi stressed on Thursday the pivotal role that businessmen and industry play in advancing Egyptian-Kuwaiti cooperation through investment in joint projects, stimulating real growth in both economies, and creating job opportunities. President El-Sisi's remarks came during his meeting with a Kuwaiti investment delegation in Cairo, headed by Muhammad Jassim Al-Saqer, the chairman of the Kuwaiti side of the Egyptian-Kuwaiti Cooperation Council, according to the Egyptian presidency. During the meeting, President El-Sisi invited Kuwaiti investors to explore opportunities in Egypt's various promising sectors for investment cooperation and to benefit from the incentives and facilities provided by the state. He also encouraged them to develop industrial cooperation in sectors with high added value, noting that the Egyptian market is large and promising, with significant needs in various fields, which allows investors to generate substantial returns. Moreover, the president emphasized the Egyptian government's eagerness to enhance cooperation with Kuwaiti companies, increase their investments in Egypt, and provide all necessary means to consolidate and develop partnerships with the Kuwaiti private sector. He also highlighted the challenges facing the global economy and the current regional and international crises, which necessitate intensified cooperation and integration among Arab countries. In this respect, El-Sisi praised the constructive cooperation between Egypt and Kuwait. Meanwhile, the Kuwaiti delegation commended the significant developments Egypt has made in the field of infrastructure and promoting an attractive investment climate. They affirmed the Kuwaiti private sector's support for Egypt. The Kuwaiti side also stressed its keenness to enhance its partnership with Egypt by boosting investment presence in the Egyptian economy, highlighting the need to build on the existing strategic partnership between Egypt and Kuwait. They noted that Kuwaiti investments in Egypt have exceeded $20 billion, with over 1,000 Kuwaiti companies operating in the country. Additionally, more than 25 percent of the Kuwait Fund for Development's projects are located in Egypt. The delegation watched a documentary film showcasing some of Egypt's most important projects that Kuwaiti investors can participate in. They also expressed their eagerness to participate in the upcoming "Egyptian-Gulf Investment Forum" in Cairo. "Kuwait is honoured to support Egypt and will never forget Egypt's support when it was first established," Al-Saqer said during the meeting, conveying Amir Sheikh Meshal Al Ahmad Al Sabah's message to President El-Sisi. Prime Minister Mostafa Madbouly, Minister of Foreign Affairs Badr Abdelatty, and Minister of Investment and External Trade Hassan ElKhatib also attended the meeting. On Wednesday, FM Abdelatty received the Kuwaiti delegation, and they discussed fields of cooperation between Egypt and Kuwait. Kuwait is Egypt's third-largest Arab trading partner after Saudi Arabia and the UAE, and its fourth-largest global trading partner. To date, Egypt and Kuwait have signed 105 cooperation agreements and memoranda of understanding in political, economic, and security fields. The trade volume between the two countries amounts to around $3 billion per year. The number of joint investment projects has reached approximately 1,400. Follow us on: Facebook Instagram Whatsapp Short link:
Arab Times
24-04-2025
- Business
- Arab Times
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.
Middle East
23-04-2025
- Business
- Middle East
OPEN// Egypt's PM says Cairo-Kuwait ties witnessing momentum, urges stronger economic cooperation
CAIRO, April 23 (MENA) - Prime Minister Mostafa Madbouli said on Wednesday that relations between Egypt and Kuwait are witnessing notable momentum driven by President Abdel Fattah El Sisi's visit to Kuwait on April 14–15, which resulted in the signing of key agreements aimed at enhancing bilateral coordination and cooperation, particularly in economic fields. Madbouli made the remarks during his meeting with a delegation grouping members of the Egyptian-Kuwaiti Cooperation Council. The meeting was attended by Investment and Foreign Trade Minister Hassan el Khatib, Egypt's Ambassador to Kuwait Osama Shaltout, Kuwait's Ambassador to Egypt Ghanem Al-Ghanem, and head of the Kuwaiti side to the business council Mohammad Al-Sager along with representatives from major Egyptian and Kuwaiti companies operating in real estate, finance, construction, trade, consultancy, and various industries. Madbouli welcomed the Kuwaiti delegation, expressing Egypt's pride in its strong, historic ties with Kuwait at both official and popular levels. He praised the outcome of the first session of the Egyptian-Kuwaiti trade committee held in February in Kuwait, highlighting investment opportunities presented by Minister Khatib during the session. He also referred to Foreign Minister Badr Abdelatty's talks with the Egyptian-Kuwaiti Cooperation Council during a visit to Kuwait in November 2024. Madbouli outlined Egypt's economic reforms over the past decade and the government's efforts to improve the investment climate by adopting monetary and fiscal reforms, promoting trade competitiveness, and supporting the private sector. He noted that Kuwait is one of the top Arab investors in Egypt with investments exceeding $5 billion across 1,431 projects, according to the General Authority for Investment. The prime minister underscored the vital role of business communities in enhancing bilateral cooperation through joint ventures that generate economic growth and job opportunities. He invited Kuwaiti investors to explore opportunities in Egypt, adding that the government is prepared to grant golden licenses to agreed-upon projects. He also reiterated Egypt's commitment to allowing the transfer of dollar funds, stressing that recent reforms, especially the adoption of a flexible exchange rate since March 2024, have boosted foreign currency inflows. He expounded challenges to global economy as well as regional and international developments that require stepping up cooperation among brotherly Arab countries to address them. The head of the Kuwaiti side to the council expressed appreciation for the warm welcome the Kuwaiti delegation received in Egypt, recalling Egypt's support for Kuwait during its most difficult times, particularly the 1990 invasion by Iraq. He acknowledged the contributions of Egyptian teachers, engineers, doctors and lawyers to Kuwait's development. He said the visit allowed Kuwaiti business delegation to be updated on Egypt's economic, trade and investment environment. Despite regional tensions, Egypt possesses significant potentials in sectors like auto industry and pharmaceuticals, he said. He stressed that it is in the interest of all Arab nations to invest in Egypt now. (MENA) S R E
Egypt Today
23-04-2025
- Business
- Egypt Today
GAFI CEO highlights latest business reforms via streamlined unified tax system
Cairo – April 23, 2025: Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), shared Egypt's latest steps to reform its business environment by replacing the current patchwork of government-imposed fees on companies with a streamlined, unified tax based on net profits. Speaking at the recent Egyptian-Kuwaiti Cooperation Council meeting, Heiba noted that the overhaul is part of a broader strategy to cut red tape, enhance transparency, and create a more attractive climate for investors. The new taxation model is expected to roll out within the next few months as part of a national effort to simplify investment procedures and encourage private sector growth. The initiative comes amid what Heiba described as a turning point for Egypt's economy, which has recently seen record-breaking foreign direct investment (FDI) inflows totaling $46.1 billion in FY2023/2024. The meeting was attended by key figures including Public Business Sector Minister Mohamed Shimi, Labor Minister Mohamed Gebran, Egyptian Exchange Chairman Ahmed El-Sheikh, Assistant Foreign Minister for Arab Affairs Ihab Fahmy, and representatives of both sides of the council—Mohamed Jassim Al-Saqr for Kuwait and Dr. Mamdouh El-Araby for Egypt. Heiba attributed this surge to key structural improvements, including a stabilized exchange rate, improved access to foreign currency, modernized infrastructure, and streamlined investment licensing processes. Digitalization of government services and tax reforms have also played a pivotal role. The government's economic vision, Egypt Vision 2030, aims to shift the investment balance toward the private sector, targeting a 70 percent private sector contribution to total investment and $145 billion in exports by the end of the decade. GAFI is pursuing a targeted strategy to attract investments that can drive exports and support sustainable economic development, says the authority head. Heiba stressed the importance of aligning foreign investment with national priorities and invited businesses to explore Egypt's evolving investment landscape through its interactive investment map, which features a range of project zones including free zones, investment and technology zones, the Suez Canal Economic Zone, and others. He also encouraged eligible companies to apply for Egypt's 'golden license', designed to fast-track strategic projects.
