Investing in Egypt: a priority for the government
Prime Minister Mostafa Madbouly recently expressed his desire to encourage new investments and facilitate procedures for companies wishing to establish themselves in the country. During a meeting with Chairman of the Board of Directors of Egypt Kuwait Holding Company (EKHO), Loay Jassim al Kharafi, and a member of the Board of Directors, discussions focused on the company’s current investments in Egypt and the possibilities for expanding its activities.
Madbouly highlighted the importance of relations between Egypt and Kuwait, and expressed support for increasing Kuwaiti investments in various sectors in Egypt. For his part, Kharafi praised the quality of the infrastructure of the new Egyptian administrative capital, emphasizing his company’s pride in contributing to the country’s development.
EKHO is particularly considering the construction of a wood panel production factory in Egypt, a project estimated at $120 million. The company is also interested in Egypt’s IPO program and won a tender to build a power plant in partnership with the Egyptian government.
Furthermore, EKHO plans to set up a hotel in Al Arish. Despite some obstacles encountered so far, the company remains determined to complete this project and increase the number of rooms to meet the needs of the local tourism project.
In conclusion, the commitment of the Egypt Kuwait Holding Company in Egypt demonstrates the confidence of foreign investors in the economic potential of the country. Current and future investments contribute to strengthening ties between Egypt and Kuwait, while promoting the development of infrastructure and the national economy.
For more information on foreign investment in Egypt, be sure to check out our previous blog posts.