CAIRO: An editorial in the national daily Al-Ahram considered that Kuwaiti investments in Egypt reflected the special relationship between both countries, underlining in a report that massive influxes of Kuwaiti capital signaled Kuwaiti investors confidence in the Egyptian economy, reported Al-Rai Al-Aam.
The Egyptian newspaper further observed that senior official authorities on both sides recognized the importance of sustaining and nurturing these investment relations.
In this context, the paper alluded that Kuwait had been keen on asserting its investment foothold in Egypt even before the emirate gained its independence from Britain in 1959, expanding in the 1970s and 1980s, until eventually skyrocketing in the 1990s to constitute 28 percent of total Arab investments in Egypt.
The article noted that Kuwaiti investments mirrored developmental priorities in Egypt, explaining Kuwaiti capital advanced toward sectors harmonious with Egypt s development plans, especially with respect to labor-intensive industries, which contribute to resolving the unemployment problem in the Arab World s most populous country.
Official statistics indicate that Kuwaiti private investments marked LE 2.998 billion, divided among 198 projects and creating more than 28,000 job openings. Kuwaiti investments in the Egyptian industrial sector are reported to chart LE 22 million.
The figures show that 76 companies drawing on Kuwaiti capital helped muster LE 1.4 billion in issued capital and LE 2.3 billion in investment costs while creating 13,000 jobs, including LE 175 million in agricultural projects, promoted by 18 operators.
The report mentioned that Kuwaiti investors contribution to food projects reached LE 304 million, divided among 15 companies totaling LE 732 million in issued capital, mostly targeting the tourism sector.
Furthermore, Kuwaiti investors poured capital into 39 Egyptian firms worth LE 1.1 billion in combined investment value, at LE 1.67 billion in issued capital and LE 3.25 billion in investment costs, and creating in excess of 10,000 job opportunities.