Kuwaiti tycoon offers to invest $3B in Egypt
Prime Minster Ibrahim Mahlab during his visit to Kuwait - YOUM7

CAIRO: Prime Minster Ibrahim Mahlab received an offer Tuesday from Kuwaiti tycoon Mohammed Alshaya to invest $3 billion over a 4-year period in Egypt to build a massive mall on approximately 120 acres, Youm7 reported.

Mahlab reportedly welcomed Alshaya’s suggestion, and said that the contract could be signed as early as before the economic summit scheduled to be held in Sharm el-Sheikh in March.

Mahlab, on a three-day visit to the Gulf state, also met Kuwaiti Minister of Finance Anas Khaled Saleh and   head of the Kuwaiti Communications Commission Salem Al-Azina.

Other investing suggestions were offered to Mahlab during his visit, the ministry stated, including setting up a factory for Mitsubishi Motors in Qena governorate.

Another meeting between Mahlab and Kuwaiti editors-in-chief took place Tuesday, in which he explained Egypt’s political and economic situation, Youm7 reported.

In January, President Abdel Fatah al-Sisi took his first official visit to the Gulf State, conveying “Egypt’s appreciation and gratitude to the state and people of Kuwait for their support for Egypt following the June 30 Revolution,” a presidential statement read.

Trade volume between the two countries totaled close to $3.2 billion in 2013, including oil and its derivatives. “Kuwait is ranked fourth on the list of the largest foreign countries investing in Egypt, and third among Arab countries, with total investments of some $2.8 billion representing 927 companies,” according to the presidency’s statement.

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