The General Authority for Investment and Free Zones (GAFI) and the UAE's Ajman Free Zone signed a Memorandum of Understanding (MoU) and joint cooperation agreement on Thursday. The announcement was made by GAFI Chairman Hassan Fahmy, with the agreements serving to intensify joint activities in the field of investment and free zone management. In statements made on Thursday, Fahmy said that "the memorandum aims to create a regulatory framework that is efficient and effective in promoting economic and investment relations between the two countries". Fahmy told Daily News Egypt: "The government is working hard to improve business practices and assuring the local and international business community to improve the current economic situation." He described the current economic situation as stunted in generating growth, creating jobs, and curbing the budget deficit. "GAFI seeks to implement a state policy aimed at strengthening economic ties and deepening investment relations between Egypt and the Arab states, as well as activating methods for joint cooperation with the UAE in particular," Fahmy added. "The UAE ranks second in terms of volume of investments in Egypt, which amount to $10bn." He stated that this agreement includes several key points, notably the exchange of information on investment opportunities, laws, and regulations within the two countries. These will be used to facilitate procedures for the Egyptian and Emirati business communities to establish joint projects. Fahmy said the memorandum also stipulated that the two sides will cooperate in organising conferences and seminars related to investment and free zones. It will also include organising meetings between businessmen and companies from the two countries to exchange technical and technological expertise and training opportunities in the field of investment in general and free zones in particular. The MoU was signed by GAFI free zones head Wafaa Omar, Ajman Free Zone Authority General Manager Khalil Al-Hashimi, GAFI Free Zone Vice Chairman Wafaa Sobhy, a number of other GAFI officials, Chargé D'Affaires of the UAE Embassy in Cairo Khalifa Al-Tunaiji, and a high-level delegation from Ajman Free Zone. The Emirati delegation, headed by Al-Hashimi, visited Ismailia on Thursday to discuss the establishment of joint investment projects. The Gulf states, including the UAE, provided Egypt with billions of dollars in cash and petroleum products following the overthrow of former Muslim Brotherhood President Mohamed Morsi last July.
