By: Ahmad Awad
Kuwait-Mubasher: Agility Public Warehousing is working on securing an $800 million loan to fund Al Reem project in the UAE, said CEO Tarek Sultan.
The funding process is collaborated between Kuwaiti and UAE banks as well as international banks, the CEO said in a conference held Wednesday, adding that an amount of $200 million was previously saved as part of financing the $1 billion project.
The CEO clarified that the company’s business in Kuwait only generates 5% of Agility’s revenues.
“Agility [which is listed in Kuwait and Dubai] still intends to pump investments into the Egyptian market, but is waiting for positive steps by the country to facilitate our business process, Sultan noted.
He pinpointed the current obstacles facing Agility to enter the Egyptian market are topped by the difficulty of transferring foreign investors’ money abroad.
The CEO has told Mubasher in June 2015 that the company will pump investments worth $1 billion into the Egyptian market.
Sultan said the company wants to take advantage of the possible opportunities that could stem from the privatisation plan earlier announced by the Kuwaiti government.
