The board of the General Authority For Investment and free zones (GAFI), held a meeting headed by the Minister of Investment and International Cooperation (MIIC), Sahar Nasr and GAFI’s CEO, Mohsen Adel, where the board approved the establishment of new investors’ services centre in Red Sea on a land area of 4,000m.
The Red Sea’ investors services centre aims to facilitate investment procedures as there are 3,539 companies in the Red Sea governorate, a Wednesday statement of the MIIC said.
GAFI’s meeting also discussed the rehabilitation of the Nasr City free zone, according to the latest technologies, with the aim of facilitating the work process, saving time, and easing the procedures, added the statement, noting that expansions of new zones were also discussed.
Nasr declared that total numbers of projects at the free zones reached 1,094 projects, with capital amounting to $12.52bn, in addition to $2.15bn worth of foreign direct investments.
The minister added that free zones projects contributed to the provision of 192,000 jobs, noting that the free zones’ exports of goods and services during the first quarter of 2019 reached $4.7bn.
GAFI’s meeting discussed the updates of the newly launched initiative entitled ‘investment Without Challenges,’ which helped the MIIC to solve eight investment issues during one month from its launch, added the statement.