Egypt, Kuwait launch real estate company Modon with US$317m investment

EGYPT – Egyptian and Kuwaiti investors have partnered to establish a real estate development company, Modon, and intend to invest about EGP 1 billion (US$63.51m) in a hotel project in the New Administrative Capital and New Alamein. Modon has huge investments exceeding EGP 5b billion (US$317.55m), in addition to a huge investment fund with investments of over EGP 10 billion (US$635.09m). The project will be built on an area of ​​9,761 square meters, and it consists of 191 hotel units, indicating that the implementation of the project will start early…

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Kuwait’s Ekuity Holding acquires 30% stake in Egypt’s Aluminium and Metals Company AluNile

EGYPT – Ekuity Holding – the investment arm of Kuwait Investment Authority in Egypt – has announced its acquisition of a 30% stake in the Nile Aluminum and Metals Company (AluNile), from the Ezdehar Egypt Mid-Cap Fund (Ezdehar). Ekuity CEO Adnan Al Sager explained that Ekuity’s investment in AluNile represents an important milestone in the resurgence of Kuwaiti investments in Egypt, partnering with institutional, financial, and strategic investors, to invest in leading companies with high-growth prospects. Al Sager added that AluNile’s prospects of growth and expansion in both its product…

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Egypt, Kuwait sign US$1bn deal to fund phase II of Sinai development programme

EGYPT – The Arab Republic of Egypt and the State of Kuwait have signed two deals that will accelerate the implementation of phase two of Sinai development programme. The first deal signed between the two countries was on the framework agreement to fund the second phase of Sinai development programme. The total amount of funds included in the first deal was US$1 billion. The second deal was worth US$86 million to be used in the completion of infrastructure projects in the Sinai Peninsula. The two deals were signed in the…

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Ghana secures US$23.8 million for rehabilitation of Dome-Kitase Road Project.

GHANA – The Ghanaian government has secured US$ 23.03 million (7 seven million Kuwaiti Dinars) loan from the Kuwait Fund for Arab Economic Development to finance the rehabilitation of Dome-Kitase Road Project. The Ghanaian government was represented by Mr Ken Ofori-Atta, the Minister of Finance, while Mr Nedhal Alolayan, Deputy Director-General of the Kuwait Fund for Arab Economic Development represented the fund during the signing of the loan agreement. The Kuwait Fund loan will cover about 64 per cent of the total costs of the Project, while the remaining costs…

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