Egypt studies issuance of 40 golden licenses: GAFI chairman

CAIRO – 26 March 2023: Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba told Al Arabiyah Sunday that the authority currently studies the issuance of 40 golden licenses.

The license, whose validity is three months, grants permits for all types of services an investor needs to establish a project of priority to the government. Heiba noted that the number of golden licenses issued so far had amounted to 13.

The GAFI chairman stated that the inflow of foreign direct investment (FDI) in FY2021/2022 had hit $8.9 billion, the highest since 2011. Those were put in the sectors of manufacturing, services, finance, constructions, real estate, ICT, tourism, and petroleum.

As for the breakdown, Heiba clarified that 29 percent went to founding new companies or expanding, 20 percent to acquisitions, and nine percent for purchasing residential units.

The official concluded by underlining that the inflow of FDI grew by 15 percent in the first quarter of FY2022/2023 compared to the same one in the previous fiscal year to record $4 billion.