Hossam Heiba
The European Union (EU) will begin to fully implement the mechanism for adjusting carbon limits on imports from EU countries (CBAM), starting in January 2026.
Heiba also underscored ongoing intensive collaborations with a Turkish team on an additional 10 projects, incorporating roughly 7 new initiatives.
Hossam Heiba, CEO of the Egyptian General Authority for Investment and Free Zones (GAFI), announced the ambitious target, stating that FDI reached $6 billion in the first half of the previous fiscal year. He added that a recent deal in Ras El-Hekma is expected to further increase the final figure for 2023-2024.
The signing of the Ras El Hekma deal with the Emirati Holding Company (ADQ) in February, amounting to $35 billion, has played a major role in surpassing the initial expectations.
The summit, which aims to explore ways to support the global energy transition, provided a platform for Heiba to highlight the investment opportunities in Egypt's green hydrogen landscape
Heiba stated that the establishment of the unit aligns with the directives of President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly to create a dedicated platform to support entrepreneurs and startups
Egypt is also planning to expand its public free zones by doubling the number of cities by adding 11 new locations over the upcoming two years, according to an official from the Urban Communities Authority.
The agreement was formally endorsed by Hossam Heiba, the CEO of GAFI, and the Director of the Belarusian agency, Dmitry Krasovsky.
Heiba’s comments are the first confirmation by an Egyptian official since media outlets began publishing reports last week on the potential sale and development of the area
GAFI’s president stressed that the authority is keen to cooperate with HSBC to attract, introduce, and connect more international investors to the growing business opportunities in Egypt
During the meeting, the focus was on establishing cooperation mechanisms that would facilitate seamless economic integration
The CEO of GAFI, Hossam Heiba, expressed that the primary objective of this measure is to alleviate the burden on foreign companies by facilitating their access to foreign currency
The requests include several alliances, from European-Gulf alliance, a Chinese alliance, and an Indian alliance with each project valued at $2 billion
These investments include LE 222.2 million being directly invested, while LE 166.3 million has been allocated as indirect investments
Egypt also set a target to achieve 20 percent rise in FDI flows, driven by the depreciation of its currency
During the launch ceremony, Heiba emphasized that the new platform will provide investors with information and data pertaining to the golden license system
These opportunities are spread across 56 state entities, encompassing various sectors such as industry, services, agriculture, and tourism
This brings the total number of companies assigned the license to 24 companies, according to an official cabinet statement
The new “Silver License” will target startups and young companies, helping facilitate these companies’ business activities
These projects align with GAFI's overarching strategy of fostering a business-friendly environment and attracting more investments.
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