Foreign investments

FATF launches numerous incentives to attract more foreign investment to Egypt

The General Authority for Investments and Free Zones (GAFI) – press photo

CAIRO – June 21, 2022: The General Authority for Investment and Free Zones (GAFI) is working to attract more local and foreign investment to the Egyptian market, by launching several investment incentives, according to FATF CEO Mohamed Abdel Wahab.

Abdel Wahab clarified that investment investments include the facilitation of procedures for investors to obtain the land necessary for the implementation of their projects and the establishment of timetables for the implementation of projects.

This came in his statements on Tuesday on the sidelines of the signing of 14 joint investment agreements between Egypt and Saudi Arabia, worth 7.7 billion dollars, in the fields of energy. , petroleum, food industries, information technology and cybersecurity.

For his part, Majed Al-Qasabi, the Saudi Minister of Commerce, confirmed that the Kingdom’s investments in Egypt amounted to 30 billion dollars in various economic sectors.

Al-Qasabi said that Egypt, under the leadership of President Abdel-Fatah El-Sisi, is experiencing an unprecedented transformation towards a more advanced and powerful economy, noting that Egypt has contributed to the training of human cadres in Saudi Arabia and the rest of the Arab world. countries.

He pointed out that today’s agreements between Egypt and Saudi Arabia include 14 agreements in various areas, including infrastructure, green hydrogen and cybersecurity, pointing out that the number of Saudi companies operating in Egypt has increased. reaches 6,285 companies with investments worth more than $30 billion.