Kuwaiti investments in Egypt rise to $1.300 billion

Senior Counsellor of the Kuwaiti Al-Kharafi Group in Egypt James Pringel said that the group plans to pump new investments to its projects in Egypt that reach $ 1.300 billions in five to eight years to finance projects of infrastructure, tourism and hotels.

Pringel pointed that the volume of group's investments in Egypt reach about $ 700 million to be divided between sectors of food industries, tourism, hotels and infrastructure projects in he area of Marsa Alam.

He highlighted that investment atmosphere in Egypt attracts foreign investors and this justifies the Kuwaiti group keenness on pumping more investments in the various production and tourism sectors.

Pringel voicedhis relief towards the governmental policies that support investment in Egypt. Hw added that the Egyptian economy has taken effective steps towards merging in world economy and attracting more foreign investments.

Pringel underlined that the economic boom and recession are two main circles in the natural economic process through which any opened economy would go.

Furthermore, the counsellor highlighted the subsequent development witnessed by the Egyptian economy since its openness on the world over the past twenty years.