Egypt - The General Authority for Investment and Free Zones (GAFI) is set to approve 45 more applications for the golden licence in the next few days, after granting 22 such licences since the beginning of the year.
The golden license is a special permit that allows investors to establish projects in various sectors without the need for multiple approvals from different authorities.
According to a document issued by the Cabinet’s Information, Support, and Decision-Making Center, the aim of this step is to encourage investment in key sectors that can contribute to the economic development of the country.
Hossam Heiba, the head of GAFI, told Daily News Egypt last week that the Cabinet is considering two more licences, in addition to the 22 already issued. He said that the authorities that are required to give their consent for the projects have only one week to do so, otherwise, the consent will be deemed granted. This applies to all stages of the merger and acquisition process between companies.
The document also stated that the government has formed a working group to study the proposals related to expanding the projects that operate under GAFI’s system, as well as the facilities and incentives offered to them. The document highlighted the benefits of these projects, such as increasing the investment costs of buildings and constructions in the private free zones, accelerating the activity of the projects once they are established, enhancing the foreign exchange sources, developing Egyptian exports, and improving their competitiveness in the global markets.
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