The Kuwait Investment Authority (KIA), the Gulf Arab state's sovereign fund, has launched a company with 1 billion Egyptian pounds ($167.8 million) to invest in Egypt's economy, an official said on Saturday.
"A 1 billion Egyptian pounds company was launched two weeks ago after getting the approval from Egypt," said Bader al-Ajeel, executive director of the general reserve sector at KIA.
"This firm will act as KIA's investment arm in Egypt... Current Kuwaiti investments there (in Egypt) might be put under this firm's umbrella in the future," he said.
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