Cairo – Mubasher: Egypt’s investment minister Sahar Nasr and Kuwait’s Alshaya Group were in talks over establishing the Avenues Mall in Egypt, according to a statement by the Ministry of Investment and International Cooperation on Monday.

Nasr met with the members of the Egypt-Kuwait Cooperation Council to discuss boosting investment in Egypt, mainly in the new Administrative Capital, the Suez Canal Corridor Area project, and the new Al-Alamain City.

The recent procedures approved by the Egyptian government have encouraged the Kuwaiti company to increase its investments in Egypt over the coming period, Alshaya CEO Mohammed Alshaya said, adding that Alshaya owns 130 shops with a total of 22 global franchises.

Nasr signed on Sunday two agreements of total KWD 17.5 million (EGP 1 billion) with the general manager of the Kuwait Fund for Arab Economic Development (KFAED) to bolster development projects in North Sinai.

In May, the Egyptian investment ministry signed a KWD 12.5 million (EGP 746.2 million) financing deal with the KFAED to fund linking water networks in Arish city.