Kuwait plans mega investments in Egypt’s power sector: ECS
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CAIRO: A number of Kuwaiti companies are planning to pump investments especially in power sector, state-owned MENA quoted Head of Egyptian Commercial Service (ECS) office Gamal Faisal Tuesday.

Faisal stated in Kuwait Tuesday that two companies are looking at investments; one is affiliated to the Kuwaiti ministry of investment and intends to invest $1 billion in solar energy projects.

The other company works in power and has expressed its intension to invest $1 billion. The company asked Egypt’s Minister of Electricity Mohamed Shaker for access to the set projects by the ministry in order to implement what matches the company’s technological and financial capacity.

A number of projects are currently under enforcement process by the Kuwaiti part, including an iron and steel factory with investments of $1.5 billion. The implementing company also pledged to establish a power plant to serve for the factory’s production, according to Faisal.

Moreover, he noted that a Kuwaiti company for logistics and freight is to be established in the new Suez Canal axis with $1 billion investments in addition to establishing a holding company for investments in Egypt operating in different sectors, including real estate, tourism and power, with investments reaching $2 billion.

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