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103 projects approved for City Center Almaza's investment zone Investment zones operate in Giza, Sharqeya, Damietta, and Cairo on 2,142 feddans with EGP 29.5bn investments, says Abdel Wahab
A total of 103 new projects were approved for City Center Alamaza's Investment Zone, according to Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones (GAFI) and Chairperson of the zone. The approval was given at a meeting of the zone's Board of Directors, which was chaired by Abdel Wahab, who also instructed for a quick issuance of the licences for the project. The meeting reviewed the status of the investment zone, which is part of the Majid Al Futtaim Egypt group, and was opened in December 2019 on 123,000 sqm. Abdel Wahab also issued a decree stipulating that board of directors heads at investment zones take the necessary measures to issue approvals on new projects developed for the zones. They could add activity to existing projects, especially in medical supply manufacturing, pharmaceutical and food commodities for a period of six months. The decision also provided for new projects to be granted the licences to engage in a temporary activity for a period of six months. They can do so by adhering to the procedures followed in this regard, provided that they provide evidence of the installation of production lines. Existing projects whose licences have expired would also be granted temporary licences for six months. The period of submitting insurance fees and letters of guarantee will be extended for three months, subject to renewal. He explained that investment zones were able to achieve development in various fields and sectors by providing an appropriate and easy work environment. Seven investment zones in Giza, Sharqeya, Damietta, and Cairo are working on an area of 2,142 feddans with an investment size of EGP 29.5bn, housing 800 projects that provide more than 75,000 jobs. There are new investment zones in Mit Ghamr, Banha, and Giza being established. These will include 520 projects in the metallurgical, engineering, food industries, complementary industries, and handicraft industries sectors. Implementation has reached 98% and will provide 10,000 jobs.
