The meeting was held on Thursday at the Cabinet headquarters
in the New Administrative Capital between Egyptian Prime Minister Dr. Moustafa
Madbouly and Kuwaiti Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah,
who is currently visiting Egypt.
The Egyptian delegation included Central Bank Governor
Hassan Abdullah, Finance Minister Ahmed Kouchouk, Minister of Supply and
Internal Trade Dr. Sherif Farouk, Minister of Investment and Foreign Trade
Engineer Hassan El-Khatib and Assistant Foreign Minister for Arab Affairs Ehab
Fahmy.
The Kuwaiti delegation included Acting Minister of
Electricity, Water, Renewable Energy, Finance and State Minister for Economic
Affairs and Investment Subaih Abdulaziz Al-Mukhayzeem, Undersecretary of the
Prime Minister’s Diwan Sheikh Khalid Mohammed Al-Khalid Al-Sabah, Managing
Director and Board Member of the Kuwait Investment Authority Sheikh Saud Salem
Abdulaziz Al-Sabah, Kuwait’s Ambassador to Cairo Ghanem Saqr Ali Al-Ghanem and
Assistant Director General for Investment Operations at the Kuwait Direct Investment
Promotion Authority Sheikh Abdullah Sabah Humoud Al-Sabah.
At the beginning of the talks, Dr. Moustafa Madbouly
welcomed Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah and his accompanying
delegation to their second home Egypt. He expressed his personal keenness for
the Kuwaiti Prime Minister to visit the New Administrative Capital to witness
firsthand the scale of development achieved there over the past few years.
Dr. Madbouly affirmed that the State of Kuwait has always
been a steadfast supporter of Egypt, noting that Kuwait’s supportive stance is
deeply appreciated at all levels leadership, government and people. He added
that Egypt follows with great appreciation the positive steps taken by the
Kuwaiti government to achieve progress and prosperity for its people.
During the talks, Dr. Madbouly highlighted the full care and
support provided by the Kuwaiti government to the Egyptian community residing
in Kuwait.
The Prime Minister affirmed that there is a shared direction
between both governments to explore joint investment opportunities across
various sectors, emphasizing Egypt’s welcome for all efforts to enhance
bilateral investment cooperation.
Madbouly noted that a joint Egyptian and Kuwaiti working
group has been formed to hold consultations on promising investment
opportunities in several sectors. He added that both sides have reached a
preliminary understanding on a number of proposed investment projects.
For his part, Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah
stated that this visit comes as part of the ongoing series of reciprocal visits
between the Egyptian and Kuwaiti leaderships, reflecting the deep-rooted and
historic ties between the two countries. He stressed that today’s visit further
strengthens these relations.
The Kuwaiti Prime Minister praised Egypt’s longstanding
supportive positions toward Kuwait, noting that Egypt has always stood by
Kuwait in times of crisis. He added that Egypt’s stance on Kuwait’s causes is
unforgettable.
Regarding Kuwaiti investments in Egypt, Sheikh Ahmad
Al-Abdullah Al-Ahmad Al-Sabah said that many Kuwaiti companies are already
operating in the Egyptian market across various sectors. He expressed hope that
the incentives and facilitations offered by the Egyptian government would
attract more Kuwaiti private sector investors, especially in light of the new
investment opportunities presented by Egypt. He emphasized that these projects
would benefit both countries.
He further highlighted that the Egyptian market offers
competitive investment advantages compared to many countries in the region and
praised the efficiency and skills of the Egyptian workforce.
Central Bank Governor Hassan Abdullah stated that the money
market is currently stable, supported by the reform measures implemented by the
Central Bank since March 2024. He reaffirmed the bank’s commitment to a
flexible exchange rate policy and the close coordination between monetary and
fiscal policies.
He added that domestic foreign currency sources including
remittances from Egyptians abroad, exports and foreign direct investment remain
the main drivers of the exchange rate’s current stability.
The Kuwaiti officials underscored the importance of the
Egyptian market, describing it as one of the most attractive markets in terms
of return on investment.