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Kuwaiti pioneers mull business expansion in Egypt

Kuwaiti pioneers mull business expansion in Egypt
NBK has invested about $1 billion in Egypt since 2007
NBK
NBKE
-0.35% 37.01 -0.13
Jazeera
JAZEERA
-1.92% 1,020.00 -20.00

Cairo – Mubasher: Several Kuwaiti investors have expressed their desire to increase their investments in the Egyptian market, especially in vessel manufacturing and repair industry in Suez Canal as well as airport infrastructure enhancement.

Ali Al Ghanim, chairman of Kuwait Chamber of Commerce and Industry, revealed that Kuwaiti companies are interested in setting up shipyards at Suez Canal, according a statement released by the Egyptian Ministry of Investment and International Cooperation on Monday.

The most populous Arab nation has the potential to be a regional hub for this industry, thanks to its attractive location and investment climate, he noted.

Moreover, the National Bank of Kuwait - Egypt (NBK - Egypt) has invested about $1 billion, on the back of the high investment returns in the market since its launch in the Egyptian market in 2007, NBK’s chairman Nasser Al Sayer said.   

NBK – Egypt owns 50 branches staffed with 1,600 employees, Al Sayer added.

In addition, Kuwait’s Jazeera Airways also aims to invest in airport infrastructure in Egypt due to the high number of flights to and from Egypt, the air carrier’s chairman Marwan Boodai said.