CAIRO: President Abdel Fatah Al-Sisi is set to visit Kuwait within the next two months to boost mutual cooperation and to attract new investments, reported Al Mal Business Daily Thursday.
The government has offered last week a list of major projects on the Kuwaiti side to be executed through participation, Kuwaiti direct investments or through providing loans for the Egyptian government, a source told Al Mal.
The list includes 84 investment opportunities in real estate, tourism, petroleum and public sectors by total investments up to 56 billion EGP ($11.8 billion,) he said pointing out that most of these projects were discussed at the last Egyptian-Gulf Investment Forum in November 2013.
“It is better for Egypt to get Gulf aids in direct investments as it provides more job opportunities, achieves sustainable development and boosts gross domestic products,” Ahmed Qura, economic expert and former head of Al Watany Bank, told The Cairo Post.
The upcoming period will witness large sums of the Gulf Countries including aid, loan and direct investments, he predicted, adding that Egypt-Kuwaiti mutual relations had a “leap” after the events of June 30 and the ouster of Muslim Brotherhood rule in Egypt.
Before offering the investment opportunities on countries, the government should work on removing investment obstacles that represented a long wait for executing investment measures, bureaucratic management system and the fluctuated laws of customs and taxes, he added.
Following the ouster of former president Mohamed Morsi July 3, 2013, Kuwait was among the three Gulf countries to pledge financial aid packages valued at $12 billion to help boost the economy; the aid included $5bn from Saudi Arabia, $3bn from the UAE and $4bn from Kuwait.