Latest news with #GAFI
Zawya
2 days ago
- Business
- Zawya
Egypt ranks 9th in 2024 global FDI attractiveness: UNCTAD
Arab Finance: Egypt has secured the ninth spot globally among the most attractive destinations for foreign direct investment (FDI) in 2024, with inflows reaching $47 billion, up from $10 billion in 2023, according to the United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2024. The country also topped the list of African nations for FDI inflows, registering a growth rate of 373%. The figures were announced at a joint press conference hosted by the Ministry of Investment and Foreign Trade at the General Authority for Investment and Free Zones (GAFI), with participation from the Ministry of Planning and Economic Development, and International Cooperation, and UNCTAD. The event was led by Minister of Investment and Foreign Trade Hassan El-Khatib, Minister of Planning Rania Al-Mashat, and Head of the Investment Research Branch in UNCTAD's Investment and Enterprise Division Richard Bolwijn. The report highlighted Egypt's climb from 32nd place in 2023 to ninth in 2024, ranking just behind countries including the US, Singapore, China, and Canada. UNCTAD attributed the sharp increase in FDI largely to the Ras El Hekma development agreement and a series of major investment deals signed in 2023. FDI inflows to Africa rose 75% overall, from $55 billion in 2023 to $97 billion in 2024, with Egypt leading the continent, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. Globally, however, FDI declined by 11% year on year (YoY) to $1.5 trillion, driven by a 22% drop in advanced economies, while flows to developing countries remained stable and least developed countries saw a 9% rise. Speaking at the launch, El-Khatib said the report's findings reflect the tangible progress Egypt has made in infrastructure, digitalization, and private sector engagement.
Egypt Today
5 days ago
- Business
- Egypt Today
Uzbek official: Significant leap in Egyptian-Uzbek economic ties since Sisi's visit in 2018
Rasulev, in statements to MENA, said major Egyptian companies since president Sisi's visit launched operations in Uzbekistan, with investment projects becoming more diverse across multiple sectors. He highlighted the strong institutional cooperation between Uzbekistan and Egypt's General Authority for Investment and Free Zones (GAFI). A recent virtual meeting was held to enhance mutual investment promotion, share market insights, and exchange best practices, Rasulev, said. Egypt a is deemed Uzbekistan's gateway to the African continent, Rasulev said, adding that Africa's growing consumer demand comes in line with Uzbekistan's expanding industrial output. Uzbekistan aims to export its products to African markets via Egypt, leveraging the strategic Middle Corridor that connects Central Asia to the Middle East and Africa, Rasulev stated. The Uzbek official further encouraged Egyptian companies to seize the opportunity to enter Uzbekistan's market before its anticipated accession to the World Trade Organization (WTO), which would provide a strategic advantage. FDI in Uzbekistan surged from $3.4 billion in 2017 to $34.8 billion in 2024, with plans to reach $42 billion shortly and surpass $100 billion by 203, Rasulev revealed went on to say.
Zawya
26-05-2025
- Business
- Zawya
Canada's Borna to develop $40mln membrane gas separation factory in Egypt
Arab Finance: Borna Membrane Solutions, a Canadian clean-tech company in membrane gas separation, is planning to establish a factory in Egypt, with total investments of $40 million, the company's CEO Sam Salimi announced. The facility will produce flare gas recovery systems for extraction and exploration, carbon separators, and the reinjection of the resulting gases into the national natural gas grid. During his meeting with Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), Salimi rolled out the company's plans in Egypt. The two sides discussed ways to localize the company's technology in Egypt as part of the government's plan to keep pace with global trends to reduce carbon emissions. Borna has extensive expertise in carbon capture and storage (CCS), and the extraction of propane, butane, and methane from the combustion of associated gases from oil extraction operations, and their reinjection into the Egyptian market. Finally, Salimi emphasized that the Canadian government and financing institutions support companies seeking to inject new investments into the Egyptian market. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Canada's Borna to invest $40m in Egypt for natural gas recovery, carbon capture plant
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), has met with representatives from Borna, a Canadian company specializing in natural gas separation, processing, and carbon capture technologies. The meeting aimed to explore opportunities for localizing Borna's advanced technologies in Egypt, aligning with the country's broader efforts to reduce carbon emissions and transition toward cleaner energy solutions. Borna's CEO, Sam Salimi, announced the company's plan to invest $40m to establish a facility in Egypt dedicated to recovering flared gas from oil extraction and exploration operations. The proposed plant will focus on separating key gases—such as propane, butane, and methane—from flared emissions, reinjecting them into the national natural gas grid. Additionally, the facility will implement carbon capture and storage technologies, enabling Egyptian partners to participate in the voluntary carbon credit market launched by the government last year. Salimi emphasized that the initiative will offer wide-ranging benefits for Egypt, including lower energy import costs, reduced greenhouse gas emissions, and the creation of new employment opportunities. He also noted strong backing from the Canadian government and financial institutions for companies expanding into high-potential markets like Egypt. GAFI's Heiba underscored the range of incentives available to investors through Egypt's private free zones framework. These include customs and tax exemptions, expedited licensing procedures, competitive land access, and low operational fees. Crucially, Borna would be able to establish operations near oil and gas extraction sites without being confined to designated public investment zones. Heiba highlighted that the clean technologies and equipment to be manufactured at the new facility would support Egypt's compliance with global climate standards, including the European Union's Carbon Border Adjustment Mechanism (CBAM). The CBAM requires exporters to disclose the carbon content of goods entering the EU, favoring low-emission products and giving a competitive edge to exporters using cleaner technologies. The collaboration reflects Egypt's continued push to attract green investments and position itself as a regional hub for sustainable energy solutions.
CairoScene
23-05-2025
- Business
- CairoScene
Over 2,800 Chinese Firms Invest USD 8 Billion in Egypt
New projects and licenses signal deepening Chinese investment in Egypt's automotive, electronics, and renewable energy sectors. May 23, 2025 More than 2,800 Chinese companies have invested over USD 8 billion in Egypt, according to Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI). Key players include tech and manufacturing giants such as Huawei, Haier, Midea, ZTE, and OPPO, with rising confidence reflected in a growing number of new licenses issued to Chinese firms. GAFI is targeting strategic sectors—automotive, electronics, artificial intelligence, textiles, and renewable energy—as part of a national push to position Egypt as a regional hub for manufacturing and technology. Among the major projects underway is a USD 300 million car assembly plant by China's GAC Motor, alongside the launch of the Chinese Textile City in Minya Governorate. Haier, Midea, and Shanfeng are also among the first companies to benefit from Egypt's 'golden license', a fast-track permit aimed at streamlining investment procedures and cutting red tape for strategic projects. Heiba discussed these developments during a meeting with Guangdong Province Governor Wang Weizhong in Cairo. Egypt has also confirmed its participation in two major upcoming events: the China-Africa Investment Forum in July and the Egypt-China Investment Forum in November, both expected to deepen bilateral economic cooperation.
