Saudi, Kuwaiti investments boost Cairo, Sphinx airports
Egypt received offers from Saudi Arabia and Kuwait to invest in projects to expand the Cairo and Sphinx international airports, as part of efforts to boost tourism and put Egypt on the global transit map.
Egypt’s Minister of Civil Aviation Mohamed Manar Enabah announced Dec. 12 that his ministry had received investment offers from Saudi Arabia and Kuwait to compete in the bids for cargo village projects at Cairo International Airport and the Sphinx International Airport.
Saudi investments rank first among Arab countries investing in Egypt, and second in terms of global investment. Total Saudi investment in Egypt in 2019 stood at $54 billion, of which $44 billion is allocated to Saudi companies or their partners in Egypt, whose numbers total 5,392. There was $10 billion in Saudi government investments through the Public Investment Fund of Saudi Arabia in 2019.
Kuwait investments in Egypt range between $16 billion and $19 billion, in addition to the Kuwait Fund for Arab Economic Development's support for many projects in Egypt. The fund has contributed to some 56 programs and grants over the years; development projects in South Sinai cost $3 billion and included the opening of the Sharm el-Sheikh tunnel road connecting Sharm el-Sheikh to Cairo through a tunnel under the Suez Canal. This is in addition to several electrical power and seawater desalination projects.
Enabah said in a press statement that his ministry aims to establish cargo village and logistical areas at the Cairo and Sphinx airports on the Cairo-Alexandria desert highway. He said his ministry coordinated with the General Authority for Investments of Egypt to take over investment tenders to implement these projects.
