Four billion US dollars will be pumped into the Egyptian market over the coming period, according to Moataz al-Alfy, head of the Egyptian department for the Egyptian-Kuwaiti cooperation council.
During the founding meeting of the council on Sunday, Alfy said a steel factory will be established in Suez for US$1.5 billion, with the production capacity reaching two million tons annually. The project was already reviewed by the Cabinet and is currently being assessed by the Egyptian General Petroleum Corporation (EGPC) to provide it with the energy required for operating the factory.
A real estate company will be established in Sharm al-Sheikh for $500 million, Alfy added, saying it will focus on real estate development.
Additionally, a logistics zone will be established in the Suez Canal area for $1 billion to offer different logistics services. A further $1 billion will be used in the internet services field.
Council member Ahmed Mekky said a holding company will be established by Saudi-Kuwaiti-Emirati and Egyptian investors surpassing $1 billion. Investments from the Egyptian side will reach between 25-30 percent of total investments. The company will work in the real estate, financing, telecommunications, information technology and energy sectors.
Edited translation from MENA
