GAFI launches many incentives to attract more foreign investments to Egypt

CAIRO - 21 June 2022: The General Authority for Investment and Free Zones (GAFI) is working to attract more local and foreign investments to the Egyptian market, by launching several investment incentives, according to CEO of the GAFI, Mohamed Abdel Wahab.

 

Abdel Wahab clarified that the investment investments include facilitating the procedures for investors to obtain the lands needed to implement their projects, and setting time plans for the implementation of projects.

 

This came in his statements, Tuesday, on the sidelines of the signing of 14 joint investment agreements between Egypt and Saudi Arabia, worth $7.7 billion, in the fields of energy, petroleum, food industries, information technology and cybersecurity.

 

For his part, Majed Al-Qasabi, the Saudi Minister of Commerce, confirmed that the Kingdom's investments in Egypt amounted to $30 billion in various economic sectors.

 

Al-Qasabi said that Egypt, under the leadership of President Abdel-Fatah El-Sisi, is experiencing an unprecedented transformation towards a more advanced and powerful economy, noting that Egypt has contributed to building human cadres in Saudi Arabia and the rest of the Arab countries.

 

He pointed out that today's agreements between Egypt and Saudi Arabia included 14 agreements in various fields, including infrastructure, green hydrogen and cyber security, pointing out that the number of Saudi companies operating in Egypt has reached 6,285 companies with investments worth more than $30 billion.