By Ahmed Awad

Kuwait – Mubasher: Kuwaiti logistics firm Agility is intending to invest $1 billion in Egypt’s economy, said deputy chairman Tarek Al-Sultan.

The company will launch investments in the new Suez Canal project, which will be mainly in the logistics services and airport sectors, the official said in an exclusive to Mubasher.

In August 2014, Egypt’s president, Abdel-Fattah El-Sisi, unveiled plans to build a parallel canal beside the existing vital waterway, part of a series of mega-projects rolled out by the government with aims of boosting revenue and attracting foreign investment.

Al-Sultan also said Agility is targeting expansion in emerging markets, mainly in Africa, which owns around 50% of the world’s oil explorations.

He noted that revenues from emerging markets are sometimes higher than those from other markets in which his company operates.

The official also ruled out issuance of bonds currently, saying Agility always has channels with banks to finance its mega expansions. He denied planning  to list the stock in other markets.

The company’s shareholders on Wednesday mandated the board of director to approve listing on other equity markets. They also approved the distribution of 35% in cash dividends and 5% in bonus shares.

Asked about Agility’s plan to buy a stake in Kuwait Airways, Al-Sultan said his company is interested in any privatisation of Kuwaiti companies.

Agility, which is listed on Kuwait and Dubai, earlier posted a 10% rise in net profits for 2014 to KWD 50.84 million ($169.3 million) compared with figures a year earlier.

Translated by Sayed Abdel Rahman