TOURISM-

We welcomed 40% more tourists from January to July: The number of tourists visiting Egypt increased 40% y-o-y in the first seven months of 2023, Tourism Minister Ahmed Issa said last week, according to Al Mal. This came during the minister’s visit to Moscow last week, where he met several tourism and flight companies and discussed increasing the number of Russian visitors to Egypt. Issa didn’t say how many tourists visited Egypt during the seven month period.

ICYMI- The government is aiming to attract 15 mn tourists this year, and increase annual visitor numbers to 30 mn by 2028.

Part of the plan: Egypt wants to attract 4.5 mn tourists from Arab countries in 2024, up 45% from 3.1 mn in 2022, Tourism Promotion Board head Amr El Kady told Asha rq Bus iness. El Kady also said that Egypt is targeting a total of 18 mn tourists next year.

REGULATION-

Incorporation goes online-only: Companies must register their establishment through GAFI’s online portal starting from today, the investment and freezones authority said in a statement. New firms will need to provide a valid e-signature and use electronically issued powers of attorney

GAFI cuts red tape: The authority has now cut the number of documents required to set up a new company by two-thirds, it said in a separate statement. The move to make it easier to set up businesses was one of 22 recommendations by the country’s Supreme Investment Council to reduce bureaucracy and encourage more FDI to the country.

INVESTMENT-

#1- GAFI inks Hong Kong investment promotion MoU: The General Authority for Investment and Freezones (GAFI) has signed a cooperation MoU with Hong Kong’s investment promotion authority InvestHK, according to statements (here and here) over the weekend. The MoU focuses on sharing information regarding the business environment in the two countries, in addition to expertise and increasing FDI flows. It also aims to support incoming business missions and joint events to encourage bilateral investment flows between Cairo and Hong Kong. The agreement was signed on the sidelines of the Belt and Road Summit in Hong Kong.

SPEAKING OF HONG KONG- Al Mashat meets with Hong Kong chief: International Cooperation Minister Rania Al Mashat met with the Hong Kong Chief Executive John Lee at the Belt and Road Summit to discuss cooperation, the ministry said yesterday. During the meeting, Al Mashat highlighted Egypt’s efforts to attract foreign investment into priority sectors such as the Suez Canal Economic Zone. The minister also discussed multilateral financing and private-sector development with HSBC Deputy Chairman David Eldon, according to a separate statement.

ICYMI- GAFI head Hossam Heiba said last week that some 10-15 Chinese companies have shown interest in establishing a specialized industrial zone for chemicals with investments worth USD 7.5-12 bn in CNY across the next 3-4 years.

#2- Two more golden licenses granted: The Madbouly cabinet granted two new single-approval licenses to EnviroProcess and Fayoum Company for Storage and Warehouses, per a decision published in the Official Gazette. Both companies received preliminary approval for the licenses in July. Fayoum Company is building an EGP 1.3 bn project for strategic warehouses in Fayoum governorate, while EnviroProcess will build an EGP 73.5 mn recycling plant for alternative fuels and fibers in Minya.

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