The General Authority for Investment and Free Zones (GAFI) and Maxim Investment Group (MIG) have entered into a contract to establish Egypt's inaugural medical resort, Naya Medical Resort. Headquartered in Egypt, GAFI played a pivotal role in facilitating the deal, highlighting the country's commitment to modernizing infrastructure and legislation to boost economic competitiveness. The medical resort, valued at 1.5 billion Egyptian pounds ($48.5 million) and spanning forty feddans, is set to generate four thousand five hundred jobs in Giza's Saf neighborhood. MIG, the driving force behind the resort's development and operation, strategically chose a location near prominent tourist destinations, including Kerdasa and Haraneya, known for their handicrafts.
In the fiscal year 2022/2023, GAFI reported a notable increase in the establishment of companies in Egypt, reaching thirty-two thousand four hundred forty-seven compared to thirty thousand nine hundred sixty-one in the previous fiscal year. The organization's Chairman emphasized the positive impact of tax exemptions lasting five years, with the possibility of renewal based on economic activity and geographical location.