UAE firm KBBO plans $2 bn investments in Egypt: CEO

Reuters , Saturday 14 Mar 2015

Khalifa bin Butti Bin Omeir (KBBO) group, a private investment group in the United Arab Emirates, plans to invest $2 billion in key sectors of the Egyptian economy, its chief executive said on Saturday.

Gulf Arab allies Kuwait, Saudi Arabia and the UAE pledged $12 billion of investments and central bank deposits for Egypt at a three-day economic conference at the Egyptian port city of Sharm el-Sheikh beginning on Friday. 

Egypt's economy has been crippled by four years of political turmoil following Arab Spring uprisings beginning in 2011.

Along with their governments, many Gulf companies are also investing heavily in the Arab world's most populous country.

KBBO based in the UAE's capital Abu Dhabi sees Egypt as primed for growth, CEO Nabeel Rahman said in a statement.

"We will contribute in investing in health, money exchange, waste management, renewable energy and other fields," he said.

KBBO's investments range from financial services to defense and owns stakes in Abu Dhabi-based healthcare provider NMC Group , UAE Exchange, UAE Defence Technology Company and others. It has a joint venture with Guggenheim Partners.

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