Kuwait’s Minister of Commerce stated on Monday that the trade and investment forum between Egypt and the Gulf Cooperation Council (GCC) represents a significant step in enhancing bilateral economic relations.

The minister expressed at the forum held in Egypt’s capital that the six GCC member states, particularly Kuwait, are eager to elevate economic relations with Cairo to a higher level. He pointed out that “promising” investment opportunities exist across various sectors from infrastructure and renewable energy to tourism and agriculture.

He added that Kuwait was among the first Arab nations to invest in Egypt through investment funds and joint ventures. These investments have played a crucial role in maintaining Egypt’s economic growth momentum and have helped establish strong bilateral relations that continue to “bear fruit” to this day.

The minister praised the Egyptian government’s efforts to attract foreign investment, stating that this has helped gain the “trust” of Gulf Arab investors. He noted that trade volume between Cairo and the Riyadh-based GCC reached $25 billion in 2023, with GCC exports to Cairo amounting to $8.6 billion.

He stated that Egypt and Gulf Arab countries plan to enter promising fields through joint projects and common initiatives, with food security and digital infrastructure being the most important areas, as part of efforts to achieve “economic integration.” He emphasized that this initiative is crucial for sustainable development plans.

Egypt

Egypt is home to one of the world’s oldest civilizations, with a recorded history spanning over 5,000 years, famous for its pharaohs and iconic monuments like the Pyramids of Giza and the Sphinx. This ancient culture was centered around the Nile River, which enabled the development of a powerful and sophisticated society known for its advances in writing, architecture, and governance. Today, these monumental relics and the treasures of tombs, such as that of Tutankhamun, continue to define Egypt’s enduring global legacy.

Gulf Cooperation Council (GCC)

The Gulf Cooperation Council (GCC) is a regional political and economic union established in 1981, comprising six Arab monarchies: Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Oman, and Bahrain. Its primary objectives are to foster coordination and integration among its member states in various fields, including economic, security, and cultural affairs. The council was founded to promote stability and shared interests in the Arabian Gulf region.

Kuwait

Kuwait is a modern Arab nation situated at the northwestern tip of the Persian Gulf, with a history deeply tied to trade and pearling. Its modern history began with the founding of Kuwait City in the 18th century by the Bani Utub tribe, and it later grew into a prosperous trade hub. The discovery of oil in the 1930s transformed it into a wealthy, independent state, which it became in 1961 after being a British protectorate.

Cairo

Cairo is the sprawling capital of Egypt, founded in 969 CE by the Fatimid dynasty. It is famously home to the Pyramids of Giza on its outskirts, ancient wonders of the world, and the historic Islamic district with its labyrinthine alleys and mosques.

Riyadh

Riyadh is the capital and largest city of Saudi Arabia, serving as the political and administrative center of the nation. Historically a walled oasis town, it was the ancestral home of the Al Saud dynasty and became the capital in 1932 after the unification of the country. The city has since undergone rapid modernization, transforming from a traditional desert settlement into a bustling, contemporary metropolis.