Through analyzing the evolution of net foreign direct investments over the past nine years, excluding the COVID-19 period, foreign direct investments entering non-petroleum sectors reached a net flow of $11 billion.
That is in preparation for the investment conference Egypt will hold later this year.
Heiba’s comments are the first confirmation by an Egyptian official since media outlets began publishing reports last week on the potential sale and development of the area
GAFI’s president stressed that the authority is keen to cooperate with HSBC to attract, introduce, and connect more international investors to the growing business opportunities in Egypt
During the meeting, the focus was on establishing cooperation mechanisms that would facilitate seamless economic integration
Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba inaugurated Wednesday the first 100-percent Vietnamese investment in Egypt.
The CEO of GAFI, Hossam Heiba, expressed that the primary objective of this measure is to alleviate the burden on foreign companies by facilitating their access to foreign currency
The requests include several alliances, from European-Gulf alliance, a Chinese alliance, and an Indian alliance with each project valued at $2 billion
The resort will be built on 40 feddans, creating 4,500 jobs.
These investments include LE 222.2 million being directly invested, while LE 166.3 million has been allocated as indirect investments
Egypt also set a target to achieve 20 percent rise in FDI flows, driven by the depreciation of its currency
During the launch ceremony, Heiba emphasized that the new platform will provide investors with information and data pertaining to the golden license system
Heiba highlighted the center's role in providing incentives, guarantees, and financial support for private free zones
Madbouly emphasized that the agreement signifies Egypt's commitment to developing the automobile industry
Heiba emphasized that Egypt remains a crucial investment destination and serves as the primary gateway to Africa
That is up from 30,961 companies in FY2021/2022.
These opportunities are spread across 56 state entities, encompassing various sectors such as industry, services, agriculture, and tourism
This brings the total number of companies assigned the license to 24 companies, according to an official cabinet statement
Discussing foreign investments, Heiba highlighted that Egypt has placed a keen eye on promoting green and renewable energy projects, and has recently signed nine framework agreements since COP27 with investments worth $50 billion over the next ten years
The new “Silver License” will target startups and young companies, helping facilitate these companies’ business activities