1100 Kuwaiti firms invest EGP9bln in Egypt

The total volume of Kuwaiti investments has exceeded 9 billion Egyptian pounds ($554.7 million) with 1100 companies operating in the Egyptian market,  Adel Nasser, Secretary General of the Federation of Chambers of Commerce.

The companies are working in the fields of industry, finance, real estate, tourism, services and agriculture,

He added on the side lines of Egyptian Kuwaiti business forum that the Egyptian investments in Kuwait exceeded one billion Egyptian pounds.

Tourism and aviation between the two countries have witnessed a similar growth reflected in the increase in the number of Kuwaiti tourists to around 200,000 tourists on 64 weekly flights between.

A large Kuwaiti community is also inhabiting Egypt, including about 20,000 Kuwaitis, mostly undergraduate and post-university students. In return, Kuwait hosts around 700,000 Egyptian nationals.

Kuwait is Egypt’s third largest trading partner in the Arab world after the UAE and Saudi Arabia.