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| 11 October, 2017

Egypt's GAFI agrees to establish 3 investment zones in Greater Cairo 

A general view of narrow houses and factories in Cairo May 22, 2014 .

A general view of narrow houses and factories in Cairo May 22, 2014 .

REUTERS/Amr Abdallah Dalsh

The General Authority for Investment and Free Zones (GAFI) approved the establishment of three investment zones in Cairo, Qalyubia and 6th of October City, during the authority’s board of directors’ third meeting under the chairmanship of Minister of Investment and International Cooperation Sahar Nasr.

According to a statement released by the ministry of investment on Wednesday, GAFI approved the establishment of an investment zone specialized in the small and medium-sized industries including food industries on an area of ??36 feddans in Qalyubia.

The authority also approved two applications submitted by Majid Al Futtaim Real Estate Company to establish two investment areas: the first one will be on an area of ??399,400 square meters in Misr Mall in the 6th of October City, while the second one will be built on an area of ??123,700 square meters at City Centre Almaza Mall in Cairo.

The company aims to establish investment projects in both regions, including shops for the best international and local brands, and the largest family entertainment centre, according to the statement.

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The meeting also discussed the measures adopted by the ministry of investment to develop its investor service centre. The development process will include building an extension fro the main building, consisting of a reception hall and a private VIP hall.

Sahar Nasr pointed out that her ministry targets about $10bn worth of foreign direct investment (FDI) in the fiscal year 2017/2018, stressing that she is working to facilitate all procedures for investors and remove any obstacles facing them. She also asserted her keenness to support small and medium-sized enterprises, and entrepreneurship initiatives, as well as the establishment of free zones in all governorates of Egypt.

© 2017 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).