Three financial hubs are also expected to be built in New Alamein and the Red Sea Governorate
The General Authority for Investment and Free Zones (GAFI) is to establish a financial hub in the New Administrative Capital's Financial and Business District, in partnership with a UAE-South African consortium, GAFI’s Executive Director Hossam Heiba said.
Three financial hubs are also expected to be built in New Alamein and the Red Sea Governorate, Heiba added during a meeting with members of the Egyptian Lebanese Businessmen Association (ELBA) on Saturday.
This comes in line with GAFI’s strategy for creating a business-friendly environment and attracting more investments, Heiba said. The strategy includes a 76% reduction in licensing documents.
The business scope of these companies covers a wide range of activities, including insurance, financial consulting services, investment funds, holding and family companies, as well as tourism, GAFI’s Heiba said.
During his meeting with ELBA, Heiba revealed that financial indicators for foreign direct investments (FDIs) in Egypt by the end of the fiscal year 2023 suggest a remarkable 10% growth compared to the previous fiscal year.
Heiba emphasized that Egypt stands as the top destination for investments in Africa and second in the Middle East, with the United Arab Emirates taking the lead.
