Gov’t approves setting up investment zone east of Cairo

CAIRO – 6 January 2018: The government issued a decree on Saturday to establish a specialized investment zone spanning an area of 123,000 meters on the Cairo-Suez road.

According to the decree issued by Acting Prime Minister Mostafa Madbouly, City Center Almaza company is the developer of the zone, which is allocated for commercial and entertainment activities.

The decree says that the company should complete the project within three years, starting from the day the decree comes into force. The decree was published in the official gazette on January 4, 2018.

Egypt has been working on attracting investment through a bundle of incentives and a host of investment zones.

In October, the General Authority for Investment and Free Zones (GAFI) approved the establishment of three investment zones in Cairo, Qalyubia and 6th of October City.
According to a statement from the Ministry of Investment, GAFI approved the establishment of an investment zone specialized in the small and medium-sized industries including food industries on an area of 36 feddans in Qalyubia.

The authority also approved two applications submitted by Majid Al-Futtaim Real Estate Company to establish two investment areas.

Minister of Investment and International Cooperation Sahar Nasr said that her ministry targets about $10 billion in foreign direct investment (FDI) in fiscal year 2017/18, adding that the ministry was working on facilitating procedures for investors and eliminating any obstacles facing them.