Prime Minister Mostafa Madbouly Sunday said that the government welcomes pumping new investments and is working on removing obstacles and challenges facing these investments, with view to luring further investments in targeted sectors.
The premier made the remarks during a meeting with Chairman of the Board of Directors of Egypt Kuwait Holding Company (EKHO) Loay Jassim al Kharafi alongside board member of the company to discuss the investments of the company in Egypt and potential of expanding its operations.
Madbouli underscored the strength of Egyptian-Kuwaiti relations as well as keenness on promoting Kuwaiti investments in Egypt in various fields.
“We are aware of eagerness of the Kuwaiti side on injecting investments in Egypt alongside expanding the already existing ones,” Madbouly said.
Kharafi hailed the meeting of his board members with the premier at the Cabinet’s new premises, saying: “The New Administrative Capital is a source of pride for Egypt that fits the status of the Egyptian state.”
“Our investments are maintained Egypt. We are committed to expanding our projects,” Kharafi said while reviewing the various operations of the EKHO company in Egypt.
The CEO of the Kuwaiti company, meanwhile, expound a project to set up a factory for producing Medium-density fiberboard (MDF) wood, noting that the trial operation of the project will be launched soon with investments estimated at 120 million dollars.
He said that the company was keen on tapping into Egypt’s Initial Public Offering (IPO) program, adding that the company won a tender to carry out a power distribution plant relying on the build-operate-transfer (BOT) system.
Kharafi voiced desire to finalize a project to establish a hotel in Al Arish city, which has faced several hindrances over the past period.
He further expressed the company’s willingness to pump further investments to serve the aforementioned mega tourism project and expanding its scale through increasing the number of hotel rooms from 120 to 400 rooms.
