GAFI grants 6 golden licenses to companies for projects worth EGP 5.6 bln

Ahram Online , MENA , Tuesday 26 Mar 2024

Hossam Heiba, executive director of the General Authority for Investment and Free Zones (GAFI), granted on Tuesday golden licenses to six companies implementing projects worth EGP 5.6 billion (just over $117 million), bringing the total number of projects receiving golden licenses to 29.

The General Authority for Investment and Free Zones (GAFI) grants six new golden licenses to six companies. Photo: Official Facebook page


The companies are the National Egyptian Railway Industries Company (NERIC), Hassan Allam Strategic Warehouses company in Luxor, NILOS for housing and hotel services, Ace Links, and EnviroProcess for industries and waste recycling.

NERIC will establish a factory for railroad, subway, and express train equipment in the Suez Canal Zone for EGP 3.6 billion.

Meanwhile, Hassam Allam Strategic Warehouses in Luxor will build a modern warehouse using the latest technologies, investing EGP 1.5 billion.

Furthermore, NILOS companies plan a residential project on the Nile corniche costing EGP 463.5 million.

ACE Links will construct a food supplies factory worth EGP 134.6 million.

In addition, EnviroProcess in Minya's industrial zone will produce alternative fuel and fibres from waste, valued at EGP 74 million.

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

These licences allow investors to acquire or lease land and operate enterprises on it without requiring further government approvals.

Egypt has recently taken major steps to encourage investment and entrepreneurship, guaranteeing equal treatment between public and private sectors and supporting the investment climate.

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