MEMPHIS REISEN

GAFI reviews applications for coveted golden licence – Dailynewsegypt

Hossam Haiba, CEO of the General Authority for Investment and Free Zones (GAFI), announced the review of four applications for the golden licence, which includes a logistics company among various sectors.

In a statement to DNE, Haiba noted that GAFI has granted approximately 29 golden licences to date.

He highlighted that the majority of golden licence recipients in 2023 launched their projects two to four months ahead of their scheduled plans.

The golden licence streamlines the process for establishing, operating, and managing a project by consolidating approvals, including construction permits and real estate allocation. The Cabinet can award this license, which is processed within a mere 20 working days.

Haiba also mentioned that the current export revenue from GAFI’s free zones has hit the $10bn mark, with expectations of further growth.

Earlier in January, the GAFI chairperson projected a target of $12bn in foreign direct investments for the fiscal year ending on 30 June 2024.

Aiming for a 20% increase in net foreign direct investment flows, the chairman suggested that currency depreciation has made investment costs more attractive.

Last fiscal year, net foreign direct investment flows reached $10bn, showing an increase from $8.9bn in the previous year.