- The Public Free Zone includes 220 industrial plots on a surface area of 183 feddans
The Italian Finestra establishes the first public free zone under the private industrial developer framework
As part of its endeavor to encourage foreign direct investment in the industrial sector and bring expertise to the Egyptian market for the purpose of export, Damietta Governorate, the General Authority for Investment and Free Zones, and the Italian Finestra signed a tripartite memorandum of understanding to establish a public free zone in the Governorate. The zone will be the first public free zone established through the private industrial developer framework and the second public free zone in Damietta Governorate, and the tenth in Egypt.
The MoU was signed by Dr. Manal Awad, Governor of Damietta, Mr. Hossam Heiba, GAFI CEO, and Mr. Pasquale Russo, Managing Director of the Italian (Finestra Egypt).
According to the MoU, Damietta Governorate will allocate a plot of land with a surface area of more than 183 feddans on the international coastal road to establish a Public Free Zone, and (Finestra Egypt), which is specialized in the industrial development and infrastructure development will act as the industrial developer. Finestra will establish, introduce utilities and develop the Zone and carry out maintenance work to prepare the Zone to receive investment projects. Finestra will also promote and make project marketing in the Zone to ensure attracting investments from Italy and abroad, provided that GAFI manages and operates the Public Free Zone in accordance with Investment Law.
On his part, Mr. Heiba confirmed that GAFI will do its best efforts to expedite the process of issuing licenses and approvals related to all project phases; starting from studying project feasibility, engaging consulting offices, providing utilities, constructing the industrial and administrative units, till managing the Free Zone and exporting products to foreign markets. He pointed out that the new Free Zone will be eco-friendly and will conform to the highest national and international environmental standards.
GAFI CEO added that GAFI would provide Finestra with all necessary data, information and sectoral studies to help target projects having a high comparative advantage in the Egyptian economy.
Dr. Manal Awad said that the MoU aims to encourage and increase the flow of investment to the Governorate, and contributes to achieving the sustainable development goals (SDGs). A development plan will be made to develop the vicinity of the Free Zone, whose area is 183 feddans, parallel to the Mediterranean Sea and the International Coastal Road, in order to enhance its readiness to receive the investment projects.
Mr. Pasquale Russo said that the founders of "Finestra" will transfer their considerable expertise in the infrastructure to the Egyptian business environment, and will also make use of their relations across the Mediterranean to attract huge industrial investments to the Free Zone.
Finestra presented a future plan for such Free Zone, as it will be divided into 220 units dedicated to manufacturing, storage and administrative headquarters, with the flexibility of merging units. Moreover, the Zone will be linked with the Egyptian ports and the International Coastal Road.
Mr. Pasquale Russo added that Finestra will organize a number of events in Italy to promote investment in the Public Free Zone, during the next year, with the start of the launch of the first phase of the project. The project is divided into four phases, each of which includes from 50 to 60 industrial units that are provided with utilities and ready for operation.
Egypt currently includes nine Public Free Zones in the cities of Alexandria, Cairo, Port Said, Suez, Ismailia, Damietta, Shebin El-Koum, and Keft, in addition to the Media Public Free Zone in 6th of October City.
