Two Kuwait companies have announced that they are interested in launching energy plants in Egypt at a total investment cost of $2 billion, an Egyptian official revealed.
A company affiliated with the Kuwait Investment Authority is willing to invest $1bn in solar and conventional power in Egypt through a number of projects, said Jamal Faisal, head of the Egyptian commercial representation office in Kuwait.
He added in remarks published by Youm7 that another Kuwaiti energy company has also said that it is interested in investing another $1bn in Egypt’s energy sector and requested a meeting with the Egyptian minister of electricity to look into available opportunities.
Faisal explained that work is underway to jumpstart a number of ventures that Kuwaiti companies have pledged to carry out in Egypt and they include a $1.5-billion steel and iron factory as well as a power station to feed the project.
He also revealed that a Kuwaiti shipping and logistic services company, valued at $500 million, will be established on the New Suez Canal.
($1 = AED3.67, at the time of publishing)