The Al-Kharafi conglomerate is planning a massive investment to create an automobile assembly plant in Qena.
You'd be hard pressed to find an Egyptian who doesn't have cousin driving a Mitsubishi Lancer. Understanding the potential for growth, the Kuwait-based Al-Kharafi group is planning to open a Mitsubishi assembly plant in Upper Egypt governorate of Qena.
The announcement was made after a meeting on Monday between Al-kharafi CEO, Badr Al-Kharafi, and Egyptian premier Ibrahim Mehlab. Although negotiations are still underway to finalise the deal, Al-Kharafi is poised to expand its business in Egypt. It is unclear how many jobs will be created, but then again it is no secret that Egyptians our desperate for job opportunities. Not only will it supply jobs but it will also help the Egyptian government strategy of developing other sustainable cities that will relieve the pressures off Egypt’s capitals.
As it stands, the company has already invested up to $1.2 billion in Egypt as they currently are developing Porto Ghalib, a coastal resort on the Red Sea that is near the Marsa Alam Airport. The company’s investment portfolio also owns an Egyptian-Kuwaiti holding company that has over $250 million in diverse investments ranging from petrochemicals to fertilisers.
Since the removal of Morsi from power, Kuwait, Saudi Arabia and UAE have rallied to come to Egypt’s aid through investments and loans. Last November, Kuwait offered Egypt a grant worth $1 billion.