The General Authority for Investment and Free Zones (GAFI) distributed 4 new Golden Licenses on Sunday, according to an official cabinet statement, which will facilitate the establishment of new projects worth around $487 million.

During a ceremony, GAFI CEO, Hossam Heiba, handed over the new licenses to Samsung Electronics Egypt, the Egyptian Natural Gas Company (GASCO), Fayoum Stores and Warehouses, and EgyptSat 2, bringing the total number of companies assigned the license to 24 companies.

With its new license, Samsung will be able to accelerate the establishment of a new mobile phone factory in Beni Suef with an investment of $55 million.

GASCO plans to launch a new project, with a disclosed investment of $380 million, in its Western Desert gas complex to boost its output of gas and other derivates, adding a fourth production line with a capacity of 600 million cubic feet per day.

The new project aims to increase the production of butane gas and condensate, natural gas and raw materials from a mixture of ethane and propane, and produce commercial propane for export.

EgyptSat 2 is looking to use the license to facilitate the building of a car and electric bus factory in 10th of Ramadan City with an investment of EGP 300 million, explained the statement.

The final license provided by GAFI went to the Fayoum Warehouse and Storage Company for its EGP 1.3 billion investment to establish new strategic warehouses with a storage capacity of 75 thousand pallets.

The Golden Licenses, also called “single approval licenses” by some, were launched by the government to enable investors to acquire or lease land to establish and operate on without additional state approvals, facilitating new investment flows and improving Egypt’s business environment.

Earlier this month, Heiba revealed that the authority was studying a new “Silver License” for emerging companies/startups, with a possible launch before the end of 2023, which would facilitate these companies’ business activities.