The General Authority for Investment and Free Zones (GAFI) won the first place award, for the fifth year in a row, as the best investment authority in the Middle East and North Africa (MENA) region for attracting the best investment project in the region during 2022.
Hossam Heiba, CEO of GAFI, received the award during the annual investment forum AIM2023 in its 12th edition, which was held under the patronage of Abu Dhabi Crown Prince and Chairman of the Executive Council of the Emirate of Abu Dhabi Khalid bin Mohammed bin Zayed Al Nahyan, under the theme “Transformation in Investment Aspects: Future Investment Opportunities to Enhance Sustainable Economic Growth, Diversification and Prosperity”.
The Ministry of Industry and Advanced Technology in Abu Dhabi, United Arab Emirates, is organizing the forum for the purpose of exchanging experiences and reviewing the best practices for attracting foreign direct investment to emerging markets, and discussing investment trends and strategies that can be used to maximize the potential of those markets.
The forum evaluates the investment projects that the investment promotion agencies have succeeded in attracting around the world, where a committee comprising a group of experts is formed to evaluate these projects. The selection is made based on specific bases, which are the volume of investment, the positive impact on the trade balance, the transfer of knowledge, and the success of the government
This year, GAFI won the award for the VIVO project for the manufacture of mobile phones, which is one of the pioneering projects in this field in Egypt.
Heiba stressed that winning the award for attracting the best project in the region for the fifth year in a row confirms the sustainability of the success of the economic reform program implemented by the state six years ago, as the government succeeded in creating an investment environment and improving indicators of competitiveness and ease of business, which led to a clear boom in the attractiveness of the Egyptian market. He pointed out that the continuation of economic reform will ensure Egypt’s permanent presence among the most attractive emerging markets for investment.