Kuwait investments in Egypt reach $15 billion: Ambassador

Kuwaiti investments in Egypt are currently estimated at $15 billion, the Egyptian ambassador in Kuwait told state news agency MENA on Friday.

“Kuwait is Egypt’s third biggest investor regionally and fourth globally, with volume of investments exceeding $15 billion, having 1,166 Kuwaiti firms operating in the Egyptian oil and gas, services, tourism, construction, industrial, agricultural, funding, and banking sectors,” Egyptian Ambassador Tarek Al-Koni said.

As for the Egyptian investments in Egypt, Ambassador Al-Koni said they recorded around $1.1 billion mainly in sectors of building and construction, services, and stock exchange market.

Asked about the volume of bilateral trade between the two countries, the Egyptian Ambassador said: “The trade exchange between Egypt and Kuwait, in the non-oil sector activity, tripled in the past four years reaching $500 million in 2017,”

As for the oil sector activity, the bilateral trade exchange has exceeded $3 billion, Ambassador Al-Koni said.