Abdel Wahab: GAFI Opens Its Doors to All Investors to Overcome Any Challenges… New Incentives for Green Investments and Environment Friendly Projects
A Hotline (16035) To Communicate Directly with Companies to Support Existing Investment Entities and Encourage the Expansion of their Activities
Within the framework of Prime Minister’s instructions to encourage the private sector to increase investments and promptly deal with the challenges facing investors, Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones “GAFI”, met with Governor of South Sinai Major General Khaled Fouda to discuss attracting more investments in different sectors in the governorate’s cities. They also discussed the challenges facing investment projects in South Sinai, especially in light of issuing the Presidential Decree No. 128 of 2022 on the exclusion of Sharm El Sheikh, Dahab and the Gulf of Aqaba tourism sector from being subject to provisions of Law No. 14 of 2012 on the integrated development in Sinai Peninsula.
The meeting was attended by Mr. Mohamed Abou El Enein, Undersecretary of the House of Representatives, and Mr. Ahmed Al-Wasif, Chairman of the Egyptian Tourism Federation “ETF”, with the participation of a number of South Sinai investors.
This meeting comes within the framework of completing the community dialogue meetings that GAFI holds with the business community to discuss mechanisms of implementing the reforms being undertaken that aim at facilitating work of the private sector.
During the meeting, Counselor Abdel Wahab reviewed the most important facilitations provided by the new decree, which would overcome the challenges facing companies operating in South Sinai, and motivate investors to inject more investments in the zones subject to the decree. The issuance of such decree coincides with the approaching of climate conference, which is hosted in the city of Sharm Sheikh next November.
GAFI CEO also confirmed the issuance of a number of new decrees and incentives aimed at stimulating the private sector and encouraging it to inject new investments into the Egyptian market, the most important of which was the Prime Minister Decree on the
reduction of time periods required to issue the necessary approvals and licenses for setting up new investment projects or expanding existing projects within 20 days, as well as granting some new incentives for green investments and environment friendly projects.
Counselor Abdel Wahab pointed to the continuation of coordination with Ministries and various entities to confront challenges facing investors, stressing that GAFI opens its doors to various investors to resolve any challenges they may face and put their companies' future and expansion plans into practice.
GAFI CEO also announced the launch of an initiative that allows companies to communicate directly with him to discuss their investment plans in Egypt, and ways to support existing investment entities to encourage them to expand their activities, and to present proposals related to improving the business environment, in addition to the fact that the hotline 16035 has been designated for this purpose.