Arab Finance: The General Authority for Investment and Free Zones (GAFI) has clear criteria for establishing free zones, the authority’s CEO Hossam Heiba said, noting that these zones are a key attraction for foreign investors looking to invest in Egypt.

During his speech at a seminar hosted on May 21^st by the Egyptian Center for Economic Studies, titled "Where Do Free Zones in Egypt Stand Compared to Competitive Models in Türkiye and the UAE?", Heiba explained that the Ras El-Hekma project was approved for a free zone because its objectives are clear and it operates in accordance with Egypt's investment system.

Evaluation Study of Free Zones in Egypt

GAFI is currently preparing for a study to evaluate free zones since their inception in the 1970s until now, to be presented to the cabinet, Heiba mentioned.

In response to some criticisms of private free zones in Egypt, Heiba emphasized the need to improve their performance rather than abolish them.

He noted that the primary revenue for GAFI comes from free zones, highlighting that some European countries provide investment models that Egypt can learn from.

Heiba also revealed that some ministers have objected to the inequality between domestic investors and those investing in free zones, calling for the protection of domestic investors.

Investment Zones in Egypt

Regarding the establishment of investment zones in Egypt, Heiba praised their administrative system, stating: "Investment zones have a good administrative system despite not being promoted since 2017.”

“Egypt has 17 investment zones, which are advantageous as they are not restricted by activity, and all entities connected with their activities are represented on the board of these zones, facilitating procedures for investors. Almaza Mall and Sun Capital are examples of investment zones in Egypt," he added.

Industrial Sector

Heiba said that the current investment law supports industry and its role in the economy by providing incentives to investors in this sector.

The event was attended by Executive Director and Director of Research of the Egyptian Center for Economic Studies Abla Abdel Latif and Head of the Egyptian Customs Authority (ECA) El-Shahat Al-Ghatouri, along with several investors.

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