Cairo – Mubasher: The value of Kuwaiti investments in Egypt ranges between $6 billion and $7 billion, Middle East News Agency (MENA) reported, citing Essam Saqr, the chairman of the National Bank of Kuwait (NBK) – Egypt, as saying.
Speaking at the 10-year anniversary for NBK-Egypt’s operations late Sunday, the top official noted that Kuwait’s investments in the most populous Arab country are constantly on the rise owing to Kuwait’s interest in maintaining its presence in the Egyptian market, which boasts many promising growth opportunities.
NBK entered Egypt in 2007 when it acquired Al Watany Bank of Egypt.
The Kuwaiti bank has a lot of confidence in the Egyptian market and economy, Saqr stated during the event.
NBK - Egypt last posted EGP 433.8 million in consolidated profits in the third quarter of 2017, up 72% year-on-year on higher interest income from EGP 252.2 million.
