Almost 32.5K companies founded in Egypt in FY2022/23

CAIRO – 14 November 2023: Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba stated Tuesday that 32,447 companies were founded in Egypt in FY2022/2023 compared to 30,961 companies in FY2021/2022.

 

Heiba's statements came during the Egyptian-Qatari Investment Forum where Qatari Minister of Mohamed Bin Hamad Bin Qassem El Abdallah Al Thani stated that Qatari investments in Egypt had recorded $5.5 billion.

The GAFI chairman highlighted that, in the past nine years, there was a major leap in the modernization of infrastructure and legislations as the goal was increasing the country's economic competitiveness, attracting new investments, and incentivizing existing businesses to expand.

As a result, 1,555 companies injected more financing into expansion in the past fiscal year. Also, the flow of foreign investment exceeded $10 billion.

The GAFI chairman underlined that tax exemption amounts to five years, and that it can be renewed once depending on economic activity and geographical location. He also shed light on the recent launching of the electronic foundation of companies in a process that takes a maximum of two hours.

The platform further displays investment opportunities so that once one is selected, the land plot(s) needed would be allocated in a maximum of 21 working days.

The GAFI chairman stated that a platform dedicated to the issuance of the Golden License would be launched soon. The document is a bundle of all permits needed to operate, and it takes only 20 days to be out.