Kuwait is looking to up its investments in Egypt to USD 5.3 bn by the end of the year, equal to a 20% jump in the GCC nation’s investments in Egypt, two unnamed government sources told Asharq Business. In the longer term, Kuwait wants to increase its investments to USD 10 bn in the coming years, one of the sources added, without giving a clear-cut timeframe.

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Acquiring stakes in state-owned companies is part of the plan, the sources told the outlet, without naming the companies or saying if they are part of the ten companies the government has earmarked for strategic investor stake sales and EGX listings in 2025. Other investment targets include industries like pharma, food security, tourism, agriculture, automotive manufacturing, banking, renewable energy, public transportation, and green hydrogen, one of the sources said. A portion of the funds will be directed toward tourism projects on the North Coast and the Red Sea, including new hotel developments.

Kuwaiti investors also want to manage some of our airports: One of the sources said that Kuwaiti investors are interested in our airport privatization plans. The International Finance Corporation expected to reach an agreement with the government on its privatization plan for the management of 11 airports this month. The IFC’s full airport privatization plan will reportedly be out around July.

REMEMBER- Prime Minister Moustafa Madbouly was in Kuwait last month for meetings with senior officials from the Gulf nation for discussions on topics, including trade and investment. Madbouly put forward a bunch of potential investments on the table in the agriculture and pharma sectors and on the North Coast and the Red Sea.

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