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.