Dr. Mohamed Awad:
- GAFI remains committed to supporting Investment Zones and streamlining procedures to further enhance the attractiveness of Egypt's investment climate
In line with the directives of Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, to continue supporting and developing Investment Zones and addressing any challenges facing investors in order to improve and enhance the attractiveness of Egypt's investment climate, the Board of Directors of the City Centre Maadi Investment Zone, developed by Majid Al Futtaim Group, convened under the chairmanship of Dr. Mohamed Awad, GAFI CEO.
The meeting was attended by Mr. Karim El Shafie, Vice Chairman of the Internal Trade Development Authority (ITDA); Eng. Diaa El Din Yehia, Regional Director of Majid Al Futtaim Properties; Major General Ahmed Abdel Aal, Head of Government Relations at the company; Mr. Fouad Marzouk, Director of shopping malls at Majid Al Futtaim; in addition to several senior GAFI officials.
The Board reviewed the implementation status of the Investment Zone and the progress achieved to date, in addition to following up on ongoing projects. It also discussed a number of projects pending approval in preparation for completing the necessary procedures in accordance with the regulations and governing rules applicable within the Investment Zone, in line with the state's vision for achieving sustainable economic development, strengthening the role of investment in driving economic growth, and creating more employment opportunities.
The City Centre Maadi Investment Zone is one of Majid Al Futtaim Group's flagship projects in Egypt and forms part of the Group's strategy to expand its presence in the Egyptian market and capitalize on the country's promising investment opportunities, reflecting its confidence in Egypt's economic fundamentals and investment potential.
Dr. Mohamed Awad affirmed GAFI's commitment to continuously monitoring the performance of Investment Zones and coordinating closely with their management to address any challenges facing investors. These efforts aim to accelerate project implementation, increase operational capacity, and maximize the economic returns generated by existing investments.
He added that GAFI continues to enhance the operational efficiency of Investment Zones and improve the quality of services provided to investors by delivering faster and more efficient procedures. He noted that investment zones represent a key pillar of the state's strategy to promote investment, increase private sector participation in economic activity, support business expansion, and create employment opportunities.
For his part, Eng. Diaa El Din Yehia, Regional Director of Majid Al Futtaim Properties, expressed his appreciation for the longstanding cooperation between the Group and GAFI, noting that this partnership dates back to the launch of the Group's projects in Egypt in 2002 and 2003.
He emphasized that Majid Al Futtaim Group considers the Egyptian market a key component of its investment strategy and continues to pursue expansion opportunities across the country. He also commended GAFI's role in supporting investors and facilitating procedures, which strengthens companies' ability to implement their investment plans and achieve sustainable growth.
At the conclusion of the meeting, the Board of Directors of the City Centre Maadi Investment Zone reaffirmed the importance of maintaining close coordination and cooperation between GAFI and Majid Al Futtaim Group to support the implementation of ongoing projects, maximize the potential of the City Centre Maadi Investment Zone, and enhance its contribution to the national
economy. This aligns with the state's objective of providing an attractive and sustainable investment environment while encouraging both domestic and foreign investors to expand their operations in the Egyptian market.
