Ibrahim Mahlab (Photo: Al-Ahram)
The Kuwait-based Al-Kharafi group plans to set up a Mitsubishi assembly plant in the Upper Egypt governorate of Qena, the company CEO, Badr Al-Kharafi, reports state-owned Arabic news website Al-Ahram.
Al-Kharafi's announcement came after he met with Egyptian premier Ibrahim Mahlab in the oil-rich country on Monday.
Negotiations with Mitsubishi motors are still underway, said Al-Kharafi.
The move is part of the company’s plan to expand its business in Egypt, according to Al-Kharafi.
Among Al-Kharafi's most important investments in Egypt so far is Porto Ghalib, a coastal resort on the Red Sea with a capacity of 1,050 yachts, an extensive real estate development project, and the Marsa Alam Airport. Porto Ghalib investments total $1.2 billion.
The group also owns an Egyptian-Kuwaiti holding company with diversified investments of more than $250 million across petrochemicals, glass, pipes, fertilisers and gas.
Kuwait, Saudi Arabia and the United Arab Emirates -- all staunch supporters of the 2013 removal of Islamist president Mohamed Morsi -- together showered Egypt with more than $11 billion in aid during the fiscal year 2013-2014.
Last November, Egypt received a grant worth $1 billion from Kuwait.
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