El Khatib’s day in Kuwait: Investment Minister Hassan El Khatib spent his time in Kuwait yesterday meeting with representatives from Kuwaiti giants in an effort to drum up fresh investments. El Khatib’s time in the GCC nation was plenty fruitful — among the most significant announcements made during his visit include:

#1- Bukhamseen Group is mulling USD 125 mn hotel: Kuwait’s Bukhamseen Group is looking into establishing a USD 125 mn hotel in Egypt as part of its plan to expand its presence in the Egyptian market. This came during a meeting between El Khatib and company representatives, during which they unveiled that the group is currently developing two new projects in Cairo.

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Bukhamseen has big plans in Egypt: The group is reportedly planning to acquire a major Egyptian tourism and hospitality investment company in a USD 4.9 bn transaction, marking one of the largest transactions in Egypt’s tourism industry, according to unconfirmed local media reports earlier this week.

Bukhamseen is no stranger to the Egyptian market: The group —- alongside the InterContinental Hotel Group — is one of the controlling shareholders in Maadi’s Holiday Inn.

#2- Jazeera Airways to expand its local presence: Kuwaiti Boodai Corp ’ Jazeera Airways wants to launch new routes that will see it take off from and land in El Alamein International Airport and Hurghada International Airport — the airline already has flights taking off from and landing in seven other Egyptian airports, El Khatib said in a statement following a meeting with company representatives.

More investments in the pipeline? The Kuwaiti player is also interested in expanding its presence in the local market — boosting investments in airport development and mulling a mass transit project similar to its existing projects in the Gulf.

#3- Aref Investment Group is eyeing expansions in Egyptian markets: Aref InvestmentGroup is looking to expand its investments in Egypt in the fields of education, healthcare, manufacturing, and logistics, according to a statement from the Investment Ministry. The company’s investments in Egypt currently stand at USD 120 mn.

#4- Localizing the manufacture of Mitsubishi vehicles? Al Mulla Group is in talks with the Japanese Mitsubishi to localize the manufacture of its vehicles in Egypt, company representatives told El Khatib. The group is also mulling expanding its investments in the education and financial services sectors.

That’s not all: El Khatib also met with a delegation from the Egyptian-Kuwaiti Economic Cooperation Council for discussions that centered around potential economic and investment cooperation between the two sides. The meeting also saw El Khatib highlight recent efforts by the Madbouly government to improve the business climate and potential investments in the Egyptian market.

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