GAFI nods establishing 3 new investment zones

CAIRO – 22 August 2017: The General Authority for Investment and Free Zones (GAFI) approved establishing three investment zones in Sharm El-Sheikh, Qaliubiya and Nuweiba.

The decision comes in line with the framework of the New Investment Law, Minister of Investment Sahar Nasr said on Tuesday in a meeting with GAFI Chairman, Mona Zobaa.

Nuweiba will host a public free zone, while the investment zone in Sharm El-Sheikh will spread over an area of 8,000 feddans and Qaliubiya’s free zone will lie over a 15,000 feddans’ space inside Tanta Oils and Soap’s factory.

In a field visit to Sharm El-Sheikh Monday, Nasr laid the foundation stone for the new premises of GAFI in the city.

A free trade zone in the Nile Delta governorate of Kafr El-Sheikh is targeted along with the planned investment zone, Nasr said earlier this month.

Kafr El-Sheikh’s investment zone will be established at the cost of LE 200 billion ($11.27 billion), expected to create 250,000 job opportunities and to bring in LE 50 billion revenues to the state, she added.

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.