Latest news with #financialzones
Zawya
22-05-2025
- Business
- Zawya
GAFI, Hong Kong probe reinforcing central financial, business zones in Egypt
Arab Finance: Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI), met with Alpha Lau, Director-General at Invest Hong Kong, to discuss regulating central financial and business zones in Egypt, as per a statement. Heiba stated that Egypt's law draft on central financial zones aims to provide a suitable environment for companies and financial institutions to manage funds and investments, while facilitating global trade. This step is set to turn Egypt into the main investment hub in Africa and the Middle East, he noted. GAFI's CEO added that the current status aligns with the Chinese model in terms of the size of the local market and its ability to absorb massive investment flows in diverse sectors. The Egyptian government seeks to attract labor-intensive investments, mainly relying on local content and primarily directed toward exports across several key economic sectors. These sectors include renewable energy, the automotive industry, textiles, electronic home appliances, pharmaceuticals, transportation and logistics, health, and education. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
22-05-2025
- Business
- Zawya
GAFI, Invest Hong Kong discuss vision for Egypt as regional financial, business hub
Egypt - 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.
