General Authority for Investment and Free Zones
The initiative aims to cater to the growing demand within the local market and establish Egypt as a central export hub to Middle Eastern and African regions
Heiba also underscored ongoing intensive collaborations with a Turkish team on an additional 10 projects, incorporating roughly 7 new initiatives.
He emphasized that GAFI will furnish the company with essential resources, including insights on ancillary industries and trade agreements with target export markets.
GAFI is committed to facilitating Saudi investments, explained GAFI CEO Hossam Heiba, noting that the number of Egyptian companies operating in Saudi Arabia reached around 4,000
Hossam Heiba, CEO of the Egyptian General Authority for Investment and Free Zones (GAFI), announced the ambitious target, stating that FDI reached $6 billion in the first half of the previous fiscal year. He added that a recent deal in Ras El-Hekma is expected to further increase the final figure for 2023-2024.
The summit, which aims to explore ways to support the global energy transition, provided a platform for Heiba to highlight the investment opportunities in Egypt's green hydrogen landscape
Heiba stated that the establishment of the unit aligns with the directives of President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly to create a dedicated platform to support entrepreneurs and startups
Egypt is also planning to expand its public free zones by doubling the number of cities by adding 11 new locations over the upcoming two years, according to an official from the Urban Communities Authority.
GAFI's achievements across various sectors played a role in securing this award.
Under the MoU, the UK Export Finance, which serves as the British export financing agency, will provide financial support for a range of projects in close coordination with GAFI
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
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
These investments include LE 222.2 million being directly invested, while LE 166.3 million has been allocated as indirect investments
The CEO of the group also mentioned that the company has already invested $2.5 billion in Egypt so far
The new “Silver License” will target startups and young companies, helping facilitate these companies’ business activities
The Ministry of Foreign Affairs and the General Authority for Investment and Free Zones (GAFI) collaborated to hold the "Business and Investment Forum" on Thursday.
Heiba, meanwhile, vowed that 80 percent of the problems facing investors will be resolved before June 30.
Sisi made his remarks on Tuesday during the inauguration of a number of projects belonging to the General Authority for Investment and Free Zones (GAFI).
