The Egyptian-Kuwaiti Holding Company announced that it will soon launch a project for manufacturing medium-density fiberboard (MDF) in a factory with a trial opening and investments of $120m. The announcement came during a meeting between Prime Minister Mostafa Madbouly, and the Chairperson of the Egyptian-Kuwaiti Holding Company, Luay Al-Kharafi, along with other board members, to discuss the company's investments and expansion plans in Egypt. Madbouly welcomed the company's representatives and praised the strong Egyptian-Kuwaiti relations and the support for Kuwaiti and foreign investments in Egypt. He said: "We appreciate your eagerness and commitment to invest and expand in Egypt." Al-Kharafi thanked the Prime Minister for the meeting and expressed his delight at the new headquarters of the cabinet and the governmental district in the New Administrative Capital. He said that the New Administrative Capital is a source of pride and dignity for Egypt. He also reviewed the various activities and sectors of the Egyptian-Kuwaiti Holding Company and said: "Our investments in Egypt are ongoing and we are exploring more opportunities through visiting several ministries and presenting our proposals." Al-Kharafi highlighted the company's keenness and seriousness in seeking available investment opportunities in Egypt, such as participating in some offerings within the government IPO programme and implementing electricity distribution stations under the BOT system. He noted that they have already obtained the right to implement a station in the Tenth of Ramadan and they aim to invest more in this sector. The Chairperson of the Egyptian-Kuwaiti Holding Company also mentioned the company's desire to complete its hotel project in El-Arish, which has faced some challenges. He said that the company is ready to inject more investments to serve this major tourist project and expand it by increasing the number of hotel rooms from 120 to 400. The Prime Minister welcomed any new investments and promised to overcome any obstacles and challenges to attract more investments in the targeted sectors.
