Kuwait prepares company with $1 billion to invest in Egyptian Bourse

Ahram Online, Sunday 10 Apr 2011

Decision made during last week's Kuwaiti trade visit to Cairo is welcomed by analysts

Happy times at the Kuwaiti Bourse - KIA hopes for similar Egyptian success with new stock company (Photo: Reuters)

The Kuwait Investment Authority (KIA), the Gulf state's sovereign wealth fund, is setting up a company with US$1 billion in capital to invest in Egypt's stock market.

The decision was reached during the visit of a Kuwaiti business delgation to the Egyptian capital last week, according to Kuwaiti daily newspaper Al-Rai, citing Ali Al-Ghanim, chairman of Kuwait's Chamber of Commerce and Industry.

"We affirm Kuwait's positive position towards Egypt, and we are confident about investing in Egypt”, Al-Ghanim told reporters.
Leading Egyptian investment bank Beltone Financial welcomed the news.

"Kuwait is a leading Arab investor in Egypt and has had strong economic ties with the country. This announcement signals Kuwait’s confidence in Egypt’s long term story," said a note from the company.

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