Latest news with #Heiba
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
GAFI chief highlights tax incentives, licensing reforms to boost mining investment
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), affirmed that Egypt's strategy to raise the mining sector's contribution to 5% of GDP focuses on deepening industrial capacity, establishing value-added chains within mining industries, and expanding logistics services, including shipping, transport, storage, and supply chain management. His remarks came during the Egypt Mining Forum 2025, held under the auspices of the Ministry of Petroleum and Mineral Resources, with the participation of prominent local and international stakeholders. Heiba emphasised that the mining sector has long represented a strategic partnership between the government and the private sector. In recent years, the Egyptian government has prioritised enhancing the sector's competitiveness through targeted investment incentives and infrastructure development, recognising the country's significant mineral potential. The GAFI chief detailed the incentives offered under the Investment Law for mining institutions, most notably the right to recover up to 50% of investment costs via tax deductions over a period of seven years from the project's commencement. Furthermore, mining projects can apply for the Golden Licence, which consolidates all required approvals and permits into a single licence issued within just 20 working days. Heiba also highlighted a range of investment systems tailored to mining projects, including special free zones and dedicated investment zones, which enable investors to complete all licensing procedures in one location. He noted that GAFI now hosts Egypt's digital company registration platform and the unified investment licensing platform, adding that the digitisation of services has significantly streamlined processes and supported growth in the mining sector in recent years.
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.
CairoScene
23-05-2025
- Business
- CairoScene
Over 2,800 Chinese Firms Invest USD 8 Billion in Egypt
New projects and licenses signal deepening Chinese investment in Egypt's automotive, electronics, and renewable energy sectors. May 23, 2025 More than 2,800 Chinese companies have invested over USD 8 billion in Egypt, according to Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI). Key players include tech and manufacturing giants such as Huawei, Haier, Midea, ZTE, and OPPO, with rising confidence reflected in a growing number of new licenses issued to Chinese firms. GAFI is targeting strategic sectors—automotive, electronics, artificial intelligence, textiles, and renewable energy—as part of a national push to position Egypt as a regional hub for manufacturing and technology. Among the major projects underway is a USD 300 million car assembly plant by China's GAC Motor, alongside the launch of the Chinese Textile City in Minya Governorate. Haier, Midea, and Shanfeng are also among the first companies to benefit from Egypt's 'golden license', a fast-track permit aimed at streamlining investment procedures and cutting red tape for strategic projects. Heiba discussed these developments during a meeting with Guangdong Province Governor Wang Weizhong in Cairo. Egypt has also confirmed its participation in two major upcoming events: the China-Africa Investment Forum in July and the Egypt-China Investment Forum in November, both expected to deepen bilateral economic cooperation.
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.
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Over 2,800 Chinese firms invest $8bn in Egypt: GAFI chief
More than 2,800 Chinese companies currently operate in Egypt, with combined investments surpassing $8bn, according to Hossam Heiba, CEO of Egypt's General Authority for Investment and Free Zones (GAFI). Major investors include OPPO, Haier, Jushi, Midea, TEDA, Huawei, and Brilliance Auto. Heiba met with Wang Weizhong, Governor of China's Guangdong Province, to discuss deepening economic cooperation and advancing the investment agenda for the second half of 2025. The meeting brought together senior Chinese officials and executives from major companies already operating in Egypt or eyeing future investments—including Midea, OPPO, ZTE, and GAC Motor. The two sides reviewed a packed schedule of upcoming events aimed at strengthening bilateral investment ties. Highlights include Egypt's participation in the World Economic Forum in Tianjin from June 24–26, followed by business forums in Beijing and Shanghai. Cairo is set to host the Egypt-China Investment Forum in July, with the attendance of Chinese Vice Minister of Commerce Wang Shouwen. Egypt is also preparing to take part in the China Import and Export Fair (Canton Fair) in Guangdong this October, which will bring together over 60,000 economic institutions. Heiba stated that the strong momentum in Egyptian-Chinese investment cooperation is driven by robust political relations, Egypt's favorable business environment, and shifting global economic dynamics. These factors have led to a noticeable increase in Chinese delegations exploring investment opportunities in Egypt. He emphasized Egypt's prioritization of Chinese investments due to their high potential for job creation and technology transfer. Among current initiatives is the planned launch of a dedicated Chinese textile city in Minya in cooperation with the China National Textile and Apparel Council, operating under Egypt's export-oriented free zone framework. Additionally, three Chinese companies—Haier, Midea, and Shanfeng—have been granted Egypt's 'golden license,' streamlining the process for business establishment and operation. GAFI is actively targeting new Chinese investments in strategic sectors including automotive manufacturing, building materials, electronics, renewable energy, AI, data centers, and textiles. Governor Wang affirmed the strength of the China-Egypt comprehensive strategic partnership, established in 2014, and proposed the creation of a permanent Egyptian cultural exhibition in Guangdong to help boost tourism. He noted that Guangdong alone accounts for 20% of China's total trade with Egypt. During the visit, GAC Motor Chairman Feng Xingya announced a $300m investment to establish a new car manufacturing facility in Egypt to serve both domestic and export markets. ZTE CEO Zhou Peng said the company plans to expand its local presence and increase technology transfer in response to Egypt's growing demand for telecom infrastructure. OPPO Egypt's General Manager, Ma Jixiang, highlighted that the company has built two factories since its 2014 market entry, creating 1,000 jobs and producing up to five million phones annually. OPPO now aims to make Egypt its second-largest production hub after China.
