Latest news with #GeneralAuthorityforInvestmentandFreeZones
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Canada's Borna to invest $40m in Egypt for natural gas recovery, carbon capture plant
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), has met with representatives from Borna, a Canadian company specializing in natural gas separation, processing, and carbon capture technologies. The meeting aimed to explore opportunities for localizing Borna's advanced technologies in Egypt, aligning with the country's broader efforts to reduce carbon emissions and transition toward cleaner energy solutions. Borna's CEO, Sam Salimi, announced the company's plan to invest $40m to establish a facility in Egypt dedicated to recovering flared gas from oil extraction and exploration operations. The proposed plant will focus on separating key gases—such as propane, butane, and methane—from flared emissions, reinjecting them into the national natural gas grid. Additionally, the facility will implement carbon capture and storage technologies, enabling Egyptian partners to participate in the voluntary carbon credit market launched by the government last year. Salimi emphasized that the initiative will offer wide-ranging benefits for Egypt, including lower energy import costs, reduced greenhouse gas emissions, and the creation of new employment opportunities. He also noted strong backing from the Canadian government and financial institutions for companies expanding into high-potential markets like Egypt. GAFI's Heiba underscored the range of incentives available to investors through Egypt's private free zones framework. These include customs and tax exemptions, expedited licensing procedures, competitive land access, and low operational fees. Crucially, Borna would be able to establish operations near oil and gas extraction sites without being confined to designated public investment zones. Heiba highlighted that the clean technologies and equipment to be manufactured at the new facility would support Egypt's compliance with global climate standards, including the European Union's Carbon Border Adjustment Mechanism (CBAM). The CBAM requires exporters to disclose the carbon content of goods entering the EU, favoring low-emission products and giving a competitive edge to exporters using cleaner technologies. The collaboration reflects Egypt's continued push to attract green investments and position itself as a regional hub for sustainable energy solutions.
Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
GAFI, Invest Hong Kong discuss vision for Egypt as regional financial, business hub
Hossam Heiba, CEO of Egypt's General Authority for Investment and Free Zones (GAFI), met with Alpha Lau, Director-General of Invest Hong Kong, to discuss Hong Kong's experience in developing centralized financial and business districts—a model that has positioned the city as Asia's premier hub for wealth management and investment funds. Heiba highlighted Egypt's ambitions to replicate a similar model through a newly drafted law on central financial and business zones. The legislation is designed to create a supportive environment for financial companies and institutions to manage investments, facilitate global trade, and ultimately position Egypt as a leading investment destination across Africa and the Middle East. 'This isn't just about redirecting capital flows; it's about becoming a magnet for them,' Heiba said. He emphasized that Egypt shares several economic characteristics with China, including a large domestic market and the capacity to absorb substantial investments across a wide range of sectors. Heiba also noted Egypt's human capital advantage, pointing to the many Egyptian economists, bankers, engineers, and entrepreneurs who already lead successful investment funds throughout the region. He outlined the government's focus on priority sectors for high-employment and export-driven investment with strong local content. These include renewable energy, automotive manufacturing, textiles, electronics and home appliances, pharmaceuticals, transport and logistics, healthcare, and education. Alpha Lau described Hong Kong as a 'permanent bridge' between China and the global economy. She cited its business-friendly tax regime, efficient investment procedures, and broad network of free trade agreements as factors that make it an ideal platform for Chinese companies to expand abroad. Lau revealed that there is growing interest among Chinese investors to channel capital into Egypt through Hong Kong-based investment vehicles. Egypt's strategic location and its preferential access to African, Arab, and European markets make it an attractive destination for cross-border expansion. This momentum, she noted, was a key reason behind Invest Hong Kong's decision to open an office in Cairo last year.
Egypt Today
12-05-2025
- Business
- Egypt Today
GAFI opens freezones to service-exporting startups to boost Egypt's entrepreneurial ecosystem
Cairo – May 12, 2025: The General Authority for Investment and Free Zones (GAFI) has announced that, for the first time, service-exporting startups will be allowed to operate within the country's freezones. This marks a significant expansion of the freezone model, which has traditionally catered only to industrial sectors. The announcement was made by GAFI CEO Hossam Heiba during his address at the RiseUp Summit 2025, held under the theme 'Empowering Startups: Supporting Government Policies.' Heiba emphasized that these freezones will be equipped with essential support services for startups, including consulting, marketing, and legal assistance, creating a conducive environment for growth and innovation. Startups operating in sectors such as software exports and artificial intelligence (AI) will be offered a range of incentives, including simplified administrative procedures and full exemptions from customs duties and taxes. GAFI is allocating approximately 9,000 square meters of office space for these businesses, aiming to create a dynamic base of operations supported by a network of auxiliary services. The announcement comes as part of broader efforts to bolster Egypt's position as a hub for innovation and entrepreneurship. Heiba highlighted GAFI's 15-year journey in ecosystem development, starting with the launch of the Bedaya Center for Entrepreneurship and SME Development and later the formation of Egypt Ventures in partnership with the Ministry of International Cooperation. The Authority also runs the Permanent Unit for Entrepreneurship and Startups, which coordinates cross-sector support and policy design. 'These initiatives have helped develop a cohesive support system for startups and continuously improved the incentive packages available to entrepreneurs, aligning with the evolving dynamics of the sector,' said Heiba. Further easing the path for new business formation, Heiba revealed that entrepreneurs can now register single-member companies online within just two hours through a newly launched fast-track system. Premium services will also be available to founders at Investor Services Centers at no extra cost. International expansion is a core part of GAFI's vision. The Authority is actively working with partners in the European Union, Saudi Arabia, and Morocco to facilitate Egyptian startups' entry into these markets. Initiatives include support on regulatory compliance, promotional assistance, and tax coordination to eliminate double taxation and counter protectionist measures. Looking ahead, Egypt's legislative landscape is also set to evolve in favor of startups. Heiba announced that a new law will be issued this year to regulate Financial and Business Zones, designed to attract investment funds and venture capital. 'The goal is to transform Egypt into a regional hub for investment funds, particularly VCs, to mobilize local and foreign funding for Egyptian startups,' he said.
Daily News Egypt
12-05-2025
- Business
- Daily News Egypt
GAFI to host service-exporting startups in free zones
The General Authority for Investment and Free Zones (GAFI) will, for the first time, host service-exporting startups within its free zones, offering them a suite of benefits including simplified procedures and full customs and tax exemptions, according to GAFI CEO Hossam Heiba. The announcement was made during the opening session of the RiseUp Summit 2025, held under the theme 'Empowering Startups: Supporting Government Policies.' The session featured senior representatives from Egypt's economic and entrepreneurial ecosystem, including Rasha Abdel Aal, Head of the Egyptian Tax Authority; Sherif El-Kilany, Deputy Minister of Finance for Tax Policies; Tamer Taha, Innovation and Entrepreneurship Advisor to the Minister of Planning; and Donia Ghunaim, Vice President of N Gage Consulting. Heiba stated that approximately 9,000 square meters of administrative and operational office space will be made available to startups. The initiative focuses on attracting companies specializing in software exports and artificial intelligence applications. To foster a supportive environment, GAFI will ensure the presence of key auxiliary services such as consulting, legal, and marketing firms—improving startups' chances of success and facilitating access to global markets. He also reviewed GAFI's long-standing efforts to strengthen the entrepreneurial ecosystem, beginning with the launch of the Bedaya Entrepreneurship and SME Development Center 15 years ago, followed by the creation of Egypt Ventures in partnership with the Ministry of International Cooperation. Additionally, the Authority hosts the Permanent Unit for Entrepreneurship and Startups, which coordinates cross-sector collaboration and delivers comprehensive support to early-stage businesses. 'These initiatives have helped develop a cohesive support system for startups and continuously improved the incentive packages available to entrepreneurs, aligning with the evolving dynamics of the sector,' Heiba said. He also announced that GAFI has launched a fast-track system for company establishment, allowing entrepreneurs to register a single-member company electronically in just two hours. Founders will also benefit from premium services at Investor Services Centers at no additional cost. International expansion is a key part of GAFI's vision. Heiba emphasized ongoing coordination with the European Union, Saudi Arabia, and Morocco to support Egyptian startups entering those markets. This includes measures to prevent double taxation, overcome protectionist policies, and provide administrative and promotional support during initial market entry. GAFI also aims to attract foreign investment from these regions into Egypt's startup landscape. On the legislative front, Heiba revealed that a new law establishing and regulating Financial and Business Zones is set to be issued this year. The legislation will position Egypt as a regional hub for investment funds, particularly venture capital, enabling both local and foreign financing to flow more effectively into Egyptian startups.
Zawya
30-04-2025
- Business
- Zawya
Egypt: GAFI explores deeper investment, innovation ties with China
Arab Finance: Egypt is seeking to strengthen its innovation and entrepreneurship links with China as the General Authority for Investment and Free Zones (GAFI) hosted the Egypt-China Forum to promote investment, innovation, and entrepreneurship partnerships, as per a statement. The forum brought together members of Egypt's business community and a Chinese delegation from Shanghai, led by Xiongwen Lu, Dean of the School of Management at Fudan University and a board member at several multinational companies. Lu said Egypt is ready to receive significant Chinese investments in the near future and noted that Fudan University would use its close ties with the Chinese private sector to promote investment opportunities in Egypt. He also pointed to the strategic depth of Egyptian-Chinese relations, which will mark their 70th anniversary next year. In 2014, the two nations upgraded their ties to a comprehensive strategic partnership. Egypt was also one of the earliest participants in China's Belt and Road Initiative. Discussions during the forum focused on linking Egyptian industries with Chinese technological advances, especially amid growing Chinese interest in Egypt following recent infrastructure upgrades and investment-friendly legislation. GAFI CEO Hossam Heiba said that supporting innovation and localizing technology are among the Egyptian government's top priorities. He noted that golden licenses were recently granted to Chinese companies Haier and Midea due to their plans to localize industrial technology in Egypt. Heiba added that GAFI has trained more than 300,000 entrepreneurs over the past five years, many of whom are helping align Egypt's economy with global tech trends. Heiba also revealed that GAFI plans to establish technology innovation centers in Egypt's free and investment zones in cooperation with partner countries, particularly China. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
