Egypt on Wednesday granted Futurefert Chemical Manufacturing Company a golden licence, the fast-tracked, single-approval licensing window for its new project. The decision was approved in a Cabinet meeting chaired by Prime Minister Moustafa Madbouly. The company plans to establish a state-of-the-art factory in the special economic zone of the northwest Gulf of Suez, covering an area of 127,000 square metres. With an estimated investment of $40 million, the facility will focus on the production of potash fertilisers, phosphate fertilisers, inorganic acids, and compound fertilisers. The first phase is expected to begin operations in January 2026 and will create 300 direct jobs. Futurefert's ambitious plan includes exporting at least 70 per cent of its production to global markets, aligning with Egypt's goals to enhance export capacity and diversify its industrial base. The project also emphasises sustainability by aiming to minimise environmental impacts, reduce thermal and gas emissions, and improve the overall climate. This will be achieved through recycling manufacturing by-products and cutting fossil fuel use by generating electricity from heat produced by the production units. In addition, the new facility will complement Futurefert's existing project in the same economic zone. The company's first plant, which began production in 2018, focuses on compound fertilisers with a capacity of 50,000 tons annually. In 2023, the plant achieved a remarkable export rate of 99 per cent, generating over $20 million in revenue. The golden licence is a key component of Egypt's investment reform efforts, offering investors a simplified, streamlined process for securing all necessary permits and licenses in a single step. This initiative is designed to attract both local and foreign investors by reducing bureaucratic hurdles and accelerating the implementation of projects. The licence has become a significant tool for the Egyptian government to foster business growth, attract high-value investments, and improve the ease of doing business in the country. Attribution: The Egyptian Cabinet
