New GAFI branch to be built in Sharm el-Sheikh

CAIRO - 20 August 2017: Minister of Investment Sahar Nasr laid the foundation stone for the new premises of the General Authority for Investment and Free Zones (GAFI) on Sunday in Sharm el-Sheikh.

The new branch is deemed the first one of several branches planned in other cities that aim to facilitate business procedures for investors, Nasr said in a statement, adding that it will also include the Investors Service Center.

During a field visit to South Sinai, Nasr said that the Ministry is currently planning to establish a free zone in Nuweiba. The Ministry is keen on providing funding for small and medium projects in the governorate, she added.

Governor of South Sinai, Khaled Fouda, accompanied Nasr in her meetings with South Sinai investors, presenting investment opportunities in the area such as building an international conventions center, launching an environmental tourism center and establishing an economic zone with LE 50 billion in investments.

Fouda noted that King Salman bin AbdulAziz University in Sharm el-Sheikh will open its doors for students in October.

The New Investment Law is scheduled to be put in effect after adopting its executive regulation, aiming to facilitate business procedures and accelerate arbitration of business disputes.