Singaporean firm to take over investment zones planning: GAFI

CAIRO – 17 September 2017: The General Authority for Investment and Free Zones (GAFI) signed an agreement with Singaporean development firm SECC Group to develop, upgrade and market the investment zones, a Sunday statement from the Ministry of Investment said.

Coming as a result of the visit of Minister of Investment Sahar Nasr to Singapore along with chairman of the Suez Canal Authority, the agreement introduces new methods in free zones through partnership between both public and private sector.

Deputy executive director of GAFI Mohamed Abdel Wahab said in a statement that the authority would still be responsible for receiving investment offers, maps, work sites, ports and airports studies.

Meanwhile, the Singaporean company will take over preparing studies of zones; hold strategic planning of projects and determine the expected economic turnovers.

In a meeting with the company, Nasr agreed to start working on investment zones in Qena, Kafr El-Sheikh and Qaliubiya.

“The next step will be preparing an economic feasibility study to build a number of investment and free zones and market them worldwide,” Nasr said.

In an official visit to Vietnam and Singapore from August 22 to 26, Nasr, and Mamesh signed a number of memoranda of understandings (MoUs) for the Suez Canal Economic Zone (SCZone).