Egypt's GAFI Grants Cos Golden Licenses For $487M Investment

The General Authority for Investment and Free Zones (GAFI) in Egypt has granted Golden Licenses to four companies, enabling them to initiate new projects with a combined investment of approximately $487 million. The recipients of these licenses include Samsung Electronics Egypt, the Egyptian Natural Gas Co. (GASCO), Fayoum Stores and Warehouses, and EgyptSat 2. Samsung Electronics Egypt plans to establish a mobile phone factory in Beni Suef with a disclosed investment of $55 million. GASCO, based in Egypt, is set to enhance its Western Desert gas complex with a $380 million investment, focusing on increasing gas and derivates production.

EgyptSat 2 intends to establish a car and electric bus manufacturing factory in the 10th of Ramadan City with an investment of $9.7 million. Meanwhile, the Fayoum Warehouse and Storage Co will build new warehouses with a storage capacity of 75 thousand pallets, requiring an investment of $42 million. These Golden Licenses streamline the approval process for companies operating in Egypt, fostering investment and improving the business environment in the country.