Egypt's financial landscape is set for a transformation. The General Authority for Investment and Free Zones (GAFI) has outlined plans to erect a pioneering financial service center in the thriving financial district of the New Administrative Capital. This ambitious endeavor is in partnership with a dynamic Emirati-South African alliance.
Inspired by the Cyprus model, the proposed center aims to become a nexus for foreign companies eager to operate within Egypt. They'll benefit from tailor-made legislations and incentives, like customs exemptions and enticing 10-year renewals. It's envisioned to be a hotspot for an array of financial ventures from investment funds to tourism enterprises.
GAFI’s CEO, Hossam Heiba, shared this vision with the Egyptian Lebanese Businessmen Association. But that's not all. Heiba also highlighted plans for additional centers in destinations like New Alamein and the Red Sea, underscoring GAFI’s commitment to enhancing Egypt’s investment allure.
Egypt's FDI trajectory is also promising. Heiba anticipates a 10% spike by FY 2023, setting Egypt on the podium as the leading FDI destination in Africa and second only to the UAE in the Middle East. Recent data fortifies this optimism, with FDIs for FY 2021/2022 ballooning to $8.9bn, marking a whopping 71.4% rise.
The past half-year has seen GAFI allocate an impressive 4.5 million sqm for business ventures, signaling the nation’s growth aspirations. With a focus on pivotal sectors like food industries and real estate development, GAFI is addressing challenges head-on, striving for solutions in collaboration with key stakeholders.
GAFI's initiatives don't stop there. They're eyeing a drastic cut in goods release time at ports—from 147 days to a mere fortnight. Furthermore, with the Egyptian Drug Authority, they're set to overhaul the drug pricing paradigm, promoting exports. A revamped tax system is also on the horizon, with a rollout expected this November.
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