The Egyptian Cabinet granted the National Egyptian Railway Industries Company (NERIC) the golden license to establish and operate a factory to manufacture all types and supplies of railways, metro, and trains with EGP 3.575 billion in investments.

NERIC’s project includes vehicles transporting people and goods, their components and all types of spare parts. The factory will span over an area of ​​318,618 square meters in the industrial zone in the East Port Said region in the Suez Canal Economic Zone.

The company is obliged to complete the implementation of the project by end of August 2024. The factory is expected to provide jobs to almost 500 workers and employees.

The Cabinet stated that the General Authority for Investment and Free Zones (GAFI) is responsible for coordinating with all the authorities concerned with the project making sure that these authorities must facilitate all the project’s procedures.

GAFI is also responsible for following up on the implementation and follow-up of the project, ensuring that its implementation is completed according to the scheduled timetable.

In efforts to promote the business and investment climate in Egypt, 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.