Kuwaiti investments in Egypt estimated at 4.7 billion dollars – paper

KUWAIT CITY, April 8 (MENA) – Kuwaiti investments in Egypt are estimated at 4.7 billion dollars with 1,302 companies operating in the Egyptian market, Kuwait’s Al Anba newspaper reported based on statistics released by Egyptian Investment and International Cooperation Ministry.

Seven Kuwaiti companies are operating in the petroleum sector, 73 in the financial sector, 220 in the manufacturing domain, 286 in the construction sector, 118 in the tourism field, 403 in the services sector and 125 in the real estate and technological domain, the paper said.

Based on data till December 30, 2018, there are 14 Kuwaiti trade representation offices in Egypt with Kuwait ranking the fourth in terms of countries pumping their investments into Egypt.

The number of Egyptian companies with Kuwaiti contribution reached 364 from April 2014 till December 2018 with a total capital of 918 million dollars while the number of Kuwaiti companies listed on the Egyptian Exchange hit 21 till June 2018.

The number of projects co-financed by the Kuwait Fund for Arab Economic Development in Egypt reached 50 from 1964 to 2018 at a total value of 3.2 billion dollars.

About 20 projects were financed in Egypt by loans from the Kuwaiti Development Fund at a total value of 1.28 billion dollars in addition to 19 technical grants at a value of 48 million dollars in the housing, health, irrigation and electricity domains.

Kuwaiti investors’ confidence in the Egyptian market runs in tandem with international trust as the International Monetary Fund expected in its latest report that Egypt’s economy would achieve 5.9 percent growth rate in 2019/2020 compared to 5.5% in the current fiscal year.