The Kuwaiti ambassador in Cairo said Saturday that the Kuwait Investment Authority (KIA) has decided to establish a holding company as an umbrella for all Kuwaiti businesses in Egypt.

The move will encourage Kuwait businessmen to pump more investments on the Egyptian market, which will increase the growth rates of Egypt's economy and contribute to providing job opportunities for youths, Salem el Zamanan said during his meeting with Prime Minister Ibrahim Mahlab.

The diplomat added that the Kuwait Petroleum Corporation will finalize soon the arrangements to open a regional office in Cairo.

"The office will be a launching point to expand the Kuwait petroleum products on the Egyptian market, the Mediterranean countries and Africa," he added.

For his part, Mahlab said that historic relations are binding Egypt and Kuwait, stressing that the government's efforts helped solve several problems facing foreign investors including Kuwaiti businessmen.