GAFI grants golden license to 4 additional companies
Updated 9/10/2023 6:26:00 AMArab Finance: The General Authority for Investment and Free Zones (GAFI) has granted the golden license to four additional firms to implement projects in the Suez Canal Economic Zone (SCZone), according to a statement on September 8th.
The firms are BLM & Africa, a manufacturer of medical bandages, Red Sea Wind Energy Company, GennVax Egypt, and China-based Midea.
GennVax will establish a factory for manufacturing vaccines inside the Orascom Industrial Parks at the industrial zone in Ain Sokhna, on an area of 50,000 square meters, at a total cost of $150 million.
The factory targets producing 1 million doses annually for the benefit of the Egyptian market only.
The production line of the Chinese dishwasher manufacturing factory Midea was officially inaugurated at the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain Sokhna on August 8th.
In August, GAFI issued a new single-approval license for investors as a new version of the golden license.
The new single-approval license is issued for investors within 20 working days, and it covers construction, environmental, civil protection, and any investment activity licenses.
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