Egypt Kuwait Holding to invest $170mln in Egypt during 2023

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Egypt Kuwait Holding (EKH) is planning to invest $170 million in the Egyptian market this year, CEO Sherif El-Zayat told Asharq Business on February 23rd.

El-Zayat said that an amount of $50 million will be invested for drilling two new natural gas wells in Sinai through its subsidiary, Offshore North Sinai.

The company also intends to pump investments worth $30 million into its medium-density fibreboard (MDF) factory, which is set to be operational by the second half (H2) of 2023, bringing total investment directed to the factory to $120 million, he added.

Moreover, the CEO noted that EKH aims to invest $11 million to add 20-megawatt to its energy generation, in addition to investing $70 million to increase its stakes in sister companies.

These investments will be self-financed by a range of 60% to 70%, with the remaining amount to be financed through banking loans, El-Zayat added.