Egypt on track for economic recovery

Assistant Undersecretary of the Ministry of Commerce and Industry for Administrative and Financial Affairs Sheikh Nemr Fahad Al-Sabah said Wednesday Kuwait and Egypt maintain a long history of deep-rooted mutually-beneficial ties in all domains particularly the economic and social ones. Speaking to reporters on the sidelines of the opening ceremony of 'Amar Ya Masr' real property show here tonight, Sheikh Nemr said: "Egypt is on the right track for economic recovery which indicates the state of political and security stability." "Kuwait and Egypt work together for expanding the participation of their private sectors in the development of the economic and commercial ties," he affirmed. On the annual Egyptian real property exhibition, Sheikh Nemr said he noticed a remarkable increase in the number of the participating companies and diversification in the exhibits which suit the various segments of customers. On his part, Egypt Ambassador to Kuwait Abdulkarim Suleiman said both counties enjoy all-weather friendship which kept growing in the course of time. "Kuwait is rated the fourth largest investor in Egypt," Suleiman said, noting that the Egyptian government has recently managed to solve the problems facing 19 investors in Egypt from Kuwait, the UAE and Saudi Arabia. He noted that the Gulf investment conference opened earlier today in Egypt with a large participation from the GCC members states, notably Kuwait. Ambassador Suleiman thanked Sheikh Nemr for his king participation, alongside with several Arab ambassadors in the opening ceremony of the exhibition, being organized by the United Marketing and Organizing Exhibitions Company (UNIEXPO), a subsidiary of Al-Kharafi Group. UNIEXPO director-general said 35 real property developers are taking part in the current edition of the show.