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Egypt and Kuwait intend to create a joint venture that will initially pump nearly five billion Egyptian pounds ($318 million) into the construction and real estate sectors in Egypt.
The new venture, to be named “Modon” (cities) will be announced in the next few days by the Egyptian-Kuwaiti Company (EKC), which will own the new venture.
“This company will invest 5 billion pounds in the first stage…we are also considering increasing investments to 10 billion pounds ($636 million), EKC Chairman Talaat Georges said, quoted on Wednesday by Al-Wafd and other Egyptian newspapers.
He said the new venture would invest in real estate, construction and manufacture of building materials, adding that its activities would be concentrated in the New Administrative Capital and El-Alamein.
The company will start with the construction of three residential compounds and a number of skyscrapers, its general manager Famm Najeh aid.
The firm’s commercial manager Osama Tariq said it would be formally launched in the next few days and that the event would be attended by shareholders and diplomats from both countries.
“The company will invest 3 billion pounds ($191 million) in a huge housing project in the new administrative capital in the first year,” he added.
(1 US Dollar = 15.73 Egyptian Pounds)
(Writing by Nadim Kawach; Editing by Anoop Menon)
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