GAFI grants four new golden licences to boost investment, development

Daily News Egypt
3 Min Read

The General Authority for Investment and Free Zones (GAFI) has awarded four new golden licences to Samsung Electronics Egypt, the Egyptian Natural Gas Company (Gasco), Fayoum for Warehouses and Depots, and EgyptSat Auto. These licences will enable the companies to establish and operate their projects with ease and efficiency, as part of the government’s efforts to improve the business environment and attract more investments.

The golden licence is a one-stop shop for all the permits and approvals needed to set up, manage, and run a business in Egypt. It was introduced by the Cabinet to simplify the procedures and reduce the bureaucracy for investors. So far, 24 companies have received the golden licence from GAFI.

The CEO of GAFI, Hossam Hegab, handed over the golden licences to the representatives of the four companies in a ceremony held on Sunday. He said that these licences will help accelerate the implementation of some strategic projects in various sectors and governorates.

Samsung Electronics Egypt will use its golden licence to build a mobile phone factory in Beni Suef governorate, with an investment of $55 million. The factory will create 1,500 direct jobs and 4,000 indirect jobs, and will export its products to Africa and Europe.

Gasco will use its golden licence to expand the capacity of the Western Desert gas complex by adding a fourth production line with a capacity of 600 million cubic feet per day. This will increase the production of natural gas, ethane-propane mixture, LPG, condensates, and commercial propane for export. The project will cost $380 million and will contribute to meeting the domestic and international demand for energy.

EgyptSat Auto will use its golden licence to establish an electric car and bus factory in the Tenth of Ramadan City, with an investment of EGP 300 million. The factory will produce 5,000 vehicles per year and will employ 500 workers. The project aims to promote clean energy and reduce carbon emissions in the transport sector.

Fayoum for Warehouses and Depots will use its golden licence to set up strategic warehouses with a storage capacity of 75,000 pallets in Fayoum governorate, with an investment of EGP 1.3bn. The warehouses will serve as a hub for storing and distributing various goods and commodities to different markets.

Hegab stressed that the government is working on expanding the scope of the golden licence to cover all activities and businesses, as it has a positive impact on the investment climate and the competitiveness of the Egyptian economy. He added that the four golden licences issued by GAFI today are distributed among four governorates, in line with the government’s plan to spread the benefits of development across the country, creating jobs, increasing incomes, and improving the infrastructure of different regions.

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