ICEC

Egypt, Kuwait’s Alshaya discusses establishing Avenues Mall in Egypt

Egypt’s investment minister Sahar Nasr and Kuwait’s Alshaya Group were in talks over implementing  the Avenues Mall in Egypt.

The recent procedures approved by the Egyptian government have encouraged the Kuwaiti company to increase its investments in Egypt over the coming period, Alshaya CEO Mohammed Alshaya said,

he added that that Alshaya owns 130 shops with a total of 22 global franchises.

During her visit to Kuwait Nasr met with the members of the Egypt-Kuwait Cooperation Council to discuss boosting investment in Egypt, mainly in the new Administrative Capital, the Suez Canal Corridor Area project, and the new Al-Alamain City.

the minister signed two agreements of total KWD 17.5 million (EGP 1 billion) with the general manager of the Kuwait Fund for Arab Economic Development (KFAED) to bolster development projects in North Sinai.

In May, the Egyptian investment ministry signed a KWD 12.5 million (EGP 746.2 million) financing deal with the KFAED to fund linking water networks in Arish city.

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