​The investment cost of phase I of Beko and BSH factories amounts to 160 million dollars.

Mr. Hossam Heiba: “Increasing exports, employing workforce, and localizing the technology of the home appliances industry are the most rewarding gains that the economy of Egypt will reap from new investments."

Mr. Hossam Haiba, Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI CEO) handed over two golden licenses to two manufacturers specialized in the production of home appliances and durable goods in the 10th of Ramadan City, bringing the total number of companies that obtained the golden license to 15 companies so far.

The first golden license was received by Mr. Umit Günel, General Manager of Beko LLC. According to the license, Beko will establish a factory for the manufacture and assembly of durable consumer goods and electrical appliances. The second license was received by Mr. Luis Alvarez, CEO of BSH Home Appliances, Egypt and the owner of the trademark (Bosch), with the aim of establishing a factory for cookers and refrigerators.

Beko Egypt plans to complete the first phase of the factory by the end of this year, at an investment cost of USD 107 million. The factory will provide 1,300 direct job opportunities. On the other hand, BSH Egypt will complete the first phase of its industrial project in the last quarter of next year, at an investment cost of € 50 million (USD 53.5 million), creating 500 jobs.

It is worth noting that the golden license is an all-inclusive approval whereby an enterprise can establish, operate and manage its project. It encompasses many permits including building permits and permits to allocate the necessary real estate for the project. It is granted by a decree of the Council of Ministers to companies that establish strategic or national projects contributing to Egypt's development.

Moreover, pursuant to Article 20 of the Investment Law, and in order to study projects before being approved by the Council of Ministers, a unit was established at GAFI to grant the golden license at the end of last year.

Mr. Hossam Heiba emphasized that the future goal is that all investors obtain the golden license, to start pumping investments and establishing factories in the shortest time possible.

During the past fiscal year 2021/2022, GAFI facilitated the procedures for establishing about 31,000 companies, in addition to facilitating the procedures for increasing the capital of another 2,000 companies, with an increase of 9.4% in the number of companies.

GAFI CEO added that the main factors that contributed to the decision to grant the golden license to the two companies are their plans to localize the technology of manufacturing home appliances in the Egyptian market, the intensive employment of workers, the targeting of exporting a large part of the products to foreign markets, and providing foreign exchange. Such factors are consistent with "Egypt's Vision 2030" and realize great gains for the Egyptian economy.

Eventually, Mr. Heiba confirmed that Egypt is heading to achieve remarkable increases in receiving direct investment flows during the coming period, after witnessing tremendous presidential and governmental support for investment through the approval of the State Ownership Policy Document, the formation of the Supreme Investment Council, the establishment of the Golden License Unit. In addition, an unprecedented boom in the field of infrastructure was achieved, and there was an intensive use of technology to promote investment, through the continuous updating of investment opportunities available on Egypt's investment map, in addition to the effort made by GAFI to digitize and computerize all the services it provides to investors by next July.