The General Authority for Investment and Free Zones (GAFI) submitted an application to obtain new lands with to expand and launch 4 new free zones, the CEO of the Authority, Hossam Heiba said in a meeting with Egypt’s Prime Minister, Mostafa Madbouly.

Heiba discussed latest developments in granting the golden license to facilitate the process for investors and improve the business climate. GAFI recently granted 4 new golden licenses to a number of companies, bringing the total number of companies granted golden licenses to 24 companies.

The licenses were granted to Samsung Electronics Egypt, the Egyptian Natural Gas Company (GASCO), Fayoum Stores and Warehouses, and EgyptSat 2 in order to facilitate the establishment of new projects worth around $487 million.

GAFI’s CEO confirmed that the authority is working on launching an electronic platform soon which will allow companies and investors to apply for golden licenses through it.

Also known as “single approval licenses,” the Golden Licenses were created by the government to facilitate any required approvals by companies to acquire, lease, and operate on Egyptian lands without additional state approvals and accelerating new investment flows.