Al-Kharafi Group considers Egypt expansion

ALRAI Newspaper, Saturday 27 Nov 2010

Kharafi considers adding to the group's already $2billion Egypt investments

Al-Kharafi
Al-Kharafi Group is considering to expand and diversify its investment in Egypt

Kuwaiti investor Nasser Al-Kharafi announced Thursday that his group is considering expanding and diversifying its investments in Egypt.

During a meeting with Egyptian Prime Minister Ahmed Nazif, Al-Kharafi, chairman of M. A. Kharafi & Sons, said the group had completed feasibility studies and were enthusiastic about strengthening their investments in Egypt.

Al-Kharafi Group -- one of the most significant Arab investment groups in the country -- have been actively investing in Egypt since the 60's. Most recently, they began work on two power stations in cooperation with Egypt's Ministry of Electricity and Energy, to a cost of $640 million.

The implementation and operation of the first station in Ismailia governorate will begin in May 2011. The second,  in the province of Damietta, will begin production in June 2011.

Among Al-Kharafi's most important investments in Egypt, is Porto Ghalib -- a coastal resort that includes 1050 yachts, an extensive real estate development project, and the Marsa Aalam Airport. The Porto Ghalib investments totalled $1.2 billion.

The Group also owns an Egyptian-Kuwaiti holding company with diversified investments of more than $250 million across petrochemicals, glass, pipes, fertilizers and gas.

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