Al-Sisi launches Kuwaiti-Egyptian Relations Council

During his visit to Kuwait, President Abdel Fattah Al-Sisi launched the Kuwaiti-Egyptian Relations Council, headed by Kuwaiti journalist, economist and former politician Mohamed Jasem Al-Sager

, a Tuesday presidential statement revealed.

The council includes a number of prominent Egyptian and Kuwaiti figures in the fields of economy and investment, the statement said, adding that the Egyptian side of the council will include sports, culture and media figures.

On 5 January, Al-Sisi made his first visit to Kuwait to meet with Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to discuss bilateral cooperation and issues of mutual interest.

The Kuwaiti Emir has declared the support of his country for Egypt, whether through the state-owned development fund or the private sector, in order to overcome the transitional period.

Al-Sisi invited Sheikh Al-Sabah to attend the Economic Summit, to be held in Sharm El-Sheikh in March, in the presence of international community leaders and leading financial institutions.

On the first day of his visit, Al-Sisi met with head of the Kuwait Chamber of Commerce and Industry (KCCI) Ali Al-Ghanim and other members, who expressed the willingness of Kuwaiti businessmen to increase their investment, stressing on the need for reforming legislations.

Al-Ghanim noted that Kuwaiti investors are hoping to solve the disputes their projects face in Egypt.

Al-Sisi promised to prioritise solving Kuwaiti investors’ issues in Egypt, noting that the government is set to issue legislations that will ease investment in Egypt.

Kuwaiti investors, who own 26,000 acres of land in Ayat, Giza, encountered an investment dispute and intended to prosecute Egypt in international courts last November. The dispute is ongoing and concerns converting agricultural land to a residential area.

Members of KCCI stated that they will participate in the Economic Summit, expecting that the Egyptian government will showcase specific projects that they can take part in.

On the second day, Al-Sisi met with board of directors of a Kuwaiti initiative to support the Egyptian people, to discuss their methods of financially aiding Egypt.

Egypt-Gulf for Investment & Development

The Egypt – Gulf Company for Investment and Development, S.A.E. (formerly known as the Egyptian – Kuwaiti Company for Investment and Development, S.A.E.) was founded in accordance with the applicable laws of the Arab Republic of Egypt, the provisions of Law No. 8 of 1997 of issuing guarantees and investment incentives, and the provisions of Law No. 159 of 1981 of issuing joint-stock companies with a capital of 3.8 billion Egyptian pounds paid from 381 million Egyptian pounds.

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