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Egyptian-Kuwaiti venture powers up new investments

Egypt Kuwait Holding has finalised investment of $120m in a new MDF manufacturing facility in Egypt Unsplash.com/Lajos Szabo
Egypt Kuwait Holding has finalised investment of $120m in a new MDF manufacturing facility in Egypt

Investment company Egypt-Kuwait Holding is exploring new investment opportunities in Egypt.

The company has finalised investment of $120 million in a new medium-density fibreboard (MDF) manufacturing facility and plans to expand into the power sector.

“Our investments in Egypt are ongoing, and we are exploring more opportunities through visiting several ministries and presenting our proposals,” Daily News Egypt reported, citing chairman Loay Jassim Al-Kharafi during a meeting with Prime Minister Mostafa Madbouly.

No other details of the MDF factory were given.

The company, which is listed on the Egyptian and Kuwaiti stock exchanges, intends to participate in government initial public offering (IPO) programmes and implement electricity distribution stations under a build-operate-transfer system.

Osama El Gohary, Egypt’s assistant prime minister, said last June that the country intends to divest its stakes in 250 companies under its privatisation programme.

Al-Kharafi said Egypt Kuwait Holding has already secured the right to build a station in the Tenth of Ramadan city and intend to expand investments in the power sector.

He said the company plans to complete a hotel project in El-Arish by “overcoming challenges”. No other information was given.

Egypt-Kuwait Holding is ready to inject more investment into the major tourist project with plans to expand the number of hotel rooms from 120 to 400, the chairman said.

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