Kuwait’s Agility to invest USD 60 mn setting up hubs for logistics and customs
Kuwait’s Agility Logistics plans to invest USD 60 mn to set up and operate two customs and logistics services hubs in Ain Sokhna and East Port Said, according to a Suez Canal Zone (SCZone) statement. The two hubs will automate and digitize customs processes through a digital link to all relevant government agencies, feeding into the Nafeza single digital customs window implemented last year. The move should expedite customs clearance and improve the Customs Authority’s oversight. Construction of the hubs is expected to commence by 2H 2023, the statement reads.
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BACKGROUND- Kuwaiti companies are kicking the tires on investments in Egypt: The agreement was signed between the company and the SCZone on the sidelines of the Egyptian-Kuwaiti business forum yesterday in Cairo, according to a cabinet statement, with Trade and Industry Minister Ahmed Samir meeting a delegation of 48 Kuwaiti investors. There’s been speculation in recent months that Kuwait could send inflows our way, following in the footsteps of its Gulf neighbors who have pledged some USD 22 bn in investment to help shore up our economy amid global headwinds.
What Kuwaitis have appetite for: renewables, real estate, telecoms, transport, logistics, tourism, agriculture, and food sectors, according to a separate statement. The delegation also expressed its interest in our banking sector, citing a track record of success here for Kuwaiti banking firms.