Egypt expects $35B in FDIs within 5 years, GAFI Chairman

Cairo – October 25, 2023: Egypt is seeking to draw in new foreign direct investments (FDIs) of around $35 billion within the next five years, said Chairman of the General Authority of Free Zones and Investment (GAFI) Hossam Heiba.

Heiba’s comments were during an interview on the sidelines of the KSA’s Future Investment Initiative forum on Wednesday.

The GAFI chairman explained that the government predicts that it will attract around $12 billion in FDIs during FY2023/2024, noting that this would mean an annual increase ranging between 15% and 20%.

Discussing foreign investments, Heiba highlighted that Egypt has placed a keen eye on promoting green and renewable energy projects, and has recently signed nine framework agreements since COP27 with investments worth $50 billion over the next ten years.

Heiba also stressed that Egypt is focused on further developing the local automotive industry into a regional hub through attracting major manufacturers, and is working on bringing in new investments into the home appliances industry.

The GAFI chairman added that Egypt has already granted 5 Golden Licenses out of 26 so far to companies of this industry, with a new set of Golden Licenses expected to be granted by Thursday, October 26th.