GAFI, UAE-South African consortium partner to establish financial hub in New Administrative Capital

CAIRO - 1 October 2023: The General Authority for Investment and Free Zones (GAFI) announced plans to create a financial hub in the Financial and Business District of the New Administrative Capital. The hub is in partnership with a consortium from the United Arab Emirates (UAE) and South Africa, according to Hossam Heiba, the Executive Director of GAFI.

During a meeting with members of the Egyptian Lebanese Businessmen Association (ELBA), Heiba revealed that three additional financial hubs are also in the pipeline to be constructed in New Alamein and the Red Sea Governorate.

These projects align with GAFI's overarching strategy of fostering a business-friendly environment and attracting more investments. As part of this strategy, the authority aims to reduce licensing documents by a 76 percent.

The upcoming financial hubs will encompass a wide range of activities, including insurance, financial consulting services, investment funds, holding and family companies, as well as tourism, Heiba stated.

Furthermore, Heiba also highlighted that the financial indicators for foreign direct investments (FDIs) indicate a remarkable 10 percent growth by the end of the 2023 fiscal year compared to the previous fiscal year.