A group of Kuwaiti investors has expressed intention to start business in Egypt’s insurance market, deputy head of Egyptian market regulator announced on Tuesday.
The investors, representing one of the major Kuwaiti insurance firms, submitted a request to launch an insurance firm in Egypt.
According to Mohammed Maait – Vice Chairman of the Egyptian Financial Supervisory Authority (EFSA) – the authority will discuss in its upcoming board meeting the Kuwaiti request for entering the Egyptian insurance market.
The Egyptian official further said the Kuwaiti investors had voiced interest in engaging in business in the Egyptian insurance market in the light of the gradual economic revival witnessed by the North African country.
The Gulf investors, notably Kuwaitis are highly keen to invest in Egypt in the coming phase in all sectors, Maait added.
EFSA’s deputy chairman also pointed out that the Kuwaiti investors had pledged KWD 20 million (US$ 68.3 million) worth of planned investments into the Egyptian market. According to them, the Kuwaiti planned firm is expected to raise insurance sector’s contribution to Egypt’s GDP.
Moreover, Maait said he welcomed the Kuwaiti investors’ intention to start businesses in Egypt.