Egypt's GAFI issues 6 golden licenses to investments worth LE5.6B

CAIRO – 26 March 2024: The General Authority for Investment and Free Zones (GAFI) issued six golden licenses for investments worth LE5.6 billion upping the total to 29.

The National Egyptian Railway Industries Company (NERIC) will establish a factory – whose value is LE3.6 billion - in the Suez Canal Economic Zone (SCzone). Hassan Allam Holding will establish, manage, operate and maintain the strategic warehouse in Luxor at a cost of LE1.5 billion.

Nilos will invest LE463.5 million in a residential building and another that will house a hotel, offices, and a shopping mall in Cairo. Ice Links will establish a food processing plant in Alexandria's Borg Al Arab's industrial zone with a cost of LE134.6 million.

EnviroProcess will invest LE74 million in the industrial zone in Menya's Wadi Al Sarereya producing alternative fuels, carbon granules and fibers from waste.

Chairman of GAFI Hossam Heiba stated, while delivering the licenses in a ceremony held Monday, that the new batch reflects sectoral and geographical diversity in alignment with the government's plan to achieve sustainable and comprehensive growth as well as the distribution of the fruits of development nationwide.  

Heiba noted that the authority's role is not limited to the issuance of golden licenses, which are unified documents that encompass all the licenses needed by a business to enter service. He pointed out that GAFI follows up with investors to facilitate any administrative measures until the project is completed.