Al-Sisi’s Visit To Spur Bilateral Investments -Pundits

Big 5

Egyptian President Abdelfatah Al-Sisi’s visit to Kuwait next Monday is indicative of the recovery of the Egyptian economy after a tumultuous period of three years, said a number of Kuwaiti pundits on Saturday.

Saying that Kuwaiti investments in Egypt are among the most distinguished, Hussein Al-Kharafi, head of Kuwait Industries Union told KUNA that Kuwaiti businesspeople were keen on investing in Egypt as long as the opportunities existed with no red tape impediments in their way.

On his part, chairman of the board of Kuwait Industries Holding Co. Mohammad Al-Naqi said that the Egyptian President’s visit was a clear message that the door was wide open for Kuwaiti investments in that country.

Stressing that Kuwaiti investments had a sizable presence in such Egyptian sectors as tourism and real estate, Salah Al-Sultan, consultant to Arzaq Capital Co., told KUNA that Al-Sisi’s visit offered a great opportunity for the Kuwaiti private sector to invest or augment their current investments in Egypt as the latter was showing signs of stability and recovery.

Abdulhamid Al-Awadhi, an oil expert, said that energy ties between Kuwait and Egypt were strong, noting that KPC provides Egypt with about half a million barrels of diesel every month in addition to 100,000 barrels of crude oil, stressing the notion that the Egyptian energy market was huge and required more investments.

Sarah Akbar, CEO of Kuwait Energy Co. touted her company’s investments in Egypt which go back to 2006, saying that most of these investments have been created in conjunction with the Egyptian government. She hoped that the Egyptian president’s visit would lead to more cooperation on energy investments in that country.

Source: Kuwait News Agency (KUNA)