CAIRO - 28 November 2024: Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones (GAFI), held key meetings with Saudi officials, including Minister of Investment Khalid Al-Falih and Deputy Minister Ibrahim Al-Mubarak at the 28th International Investment Conference (WIC) in Riyadh.
In his conference sessions, Heiba emphasized Egypt’s role as a hub for African investments and outlined government plans to expand private investment to 48% of total investments by FY 2024/2025. He showcased initiatives to develop industrial zones and the Suez Canal Economic Zone, which offers incentives to attract foreign investors. Egypt’s experience in managing free zones drew interest from delegates of Madagascar, Malawi, and Kosovo.
Talks centered on enhancing economic ties between Egypt and Saudi Arabia, exploring joint investment projects, and evaluating the positive impact of their bilateral investment agreement. He also highlighted the creation of a dedicated Saudi Unit within GAFI to support Saudi investors in Egypt by addressing challenges and promoting opportunities.
Heiba also announced the establishment of a new unit under the Cabinet to support startups and entrepreneurship. This initiative aims to align policies with the needs of emerging businesses while fostering digital transformation, women’s empowerment, and youth engagement in the economy.
Sustainability was a key focus, with Heiba advocating for the development of green free zones and partnerships with international organizations like UNIDO to implement clean energy measures. He also met with FDI Intelligence to explore strategies for attracting foreign direct investment and strengthening cooperation with African investment agencies.
The conference underscored Egypt’s commitment to positioning itself as a leader in regional and international investment, with efforts focused on sustainability, innovation, and creating a more investor-friendly business environment.
Comments
Leave a Comment