Egypt GAFI grants four new golden licenses to facilitate $487 mln in investments

Ahram Online , Sunday 29 Oct 2023

Egypt’s General Authority for Investment and Free Zones (GAFI) granted four golden licences to facilitate $487 million in investments in four new projects by Samsung Electronics Egypt, Egyptian Natural Gas Company (GASCO), Fayoum for Stores and Warehouses, and EgyptSat2.

GAFI s Head hands four Golden Licences. Cabinet.

The total number of golden licences granted has reached 24, GAFI added in a statement.

Samsung Electronics Egypt will build a mobile phone factory in Beni Suef with $55 million in investments.

GASCO will launch a project to increase the output of gas and other derivates in its Western Desert gas complex by adding a fourth production line with a capacity of 600 million cubic feet per day with $380 million in investments.

EgyptSat2 will build an electric cars and buses factory in the 10th of Ramadan City with EGP 300 million in investments.

Meanwhile, Fayoum Stores and Warehouses will build strategic warehouses with EGP 1.3 billion in investments to add 75,000 palettes to its storage capacities.

The golden licence allows investors to acquire or lease land and operate enterprises on it, without the need for additional government approvals.

These licences, also known as "single approval licences," were introduced as part of the 2017 investment law and were activated in September 2022.

Since the beginning of 2023, Egypt has taken serious steps towards promoting and attracting investment, including slashing the paperwork required for new companies to start operations by 62 percent.