Egypt: GAFI grants four new golden licences to boost investment, development

Egypt: GAFI grants four new golden licences to boost investment, development

Egypt - 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