Kuwaiti Agility to invest $60 mln in building two logistics centres in Port Said, Ain Sokhna

Jehad El-Sayed , Monday 3 Oct 2022

Leading Kuwaiti global logistics provider Agility will invest $60 million to build two 100,000-square-metre customs and logistics centres in Egypt - one in the industrial zone in Ain Sokhna and the other in Port Said.



This was part of an agreement signed between the Suez Canal Economic Zone (SCZone) and Agility on the sidelines of the Egyptian-Kuwaiti Business Forum that was held in Cairo.

The signing ceremony was attended by Walid Gamal El-Din, Chairman of the SCZone, and Tarek Sultan, Vice Chairman of Agility.

 According to the agreement, Agility will develop and operate logistics service centres and customs facilities located on the Mediterranean Sea.

Agility will work with SCZone to implement its strategic vision, especially in the areas of services and logistical activities. Agility will also support the industrial zones by establishing a technical and logistical arm that will automate customs processes and operations in the SCZone.

Gamal El-Din said that the signing of this contract comes as part of the Suez Canal Authority’s strategic plan 2020/2025 to create a strong investment environment and  job opportunities through integrated and sustainable economic growth. 

"This agreement is in line with the country’s policies aiming to develop customs clearance services through an integrated and automated system that increases the overall efficiency of customs operations, reduces the accumulation of shipments and goods, and provides the best services possible to investors.”

Prime Minister Mostafa Madbouly met on Monday with 45 Kuwaiti businessmen, economists, and bank managers. The meeting was held at the headquarters of the Egyptian General Authorities for Investment office. In the meeting, Madbouly affirmed Egypt’s desire to increase Kuwaiti investments in the country. He added that any long or medium-term investment will begin reaping benefits as the global economy recovers.

Madbouly said that the government has an investment plan set to include a large number of projects in all fields. He also stressed the importance of enhancing areas of trade exchange between the two countries.

Kuwaiti investments in Egypt exceed $15 billion, and the volume of trade exchange is approximately $5 billion, according to the Minister of Finance Mohammed Maait.

Maait further stated that there are currently 105 agreements in multiple sectors/fields. He said that Egypt is looking forward to increasing Kuwaiti investments. He also acknowledged that Kuwait is Egypt's third largest Arab trade partner, as well as its fourth largest global trade partner.

Maait affirmed Egypt’s intention to expand and advance its private sector in all aspects of business.

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