We have plenty of manufacturing news for you this morning, much of it with an FDI spinas the state’s golden license initiative shows further signs of gaining traction — and as existing players in Egypt double down on their investments here.

The breakdown:

More golden licenses handed out: The General Authority for Investment and Freezones (GAFI) handed out four golden licenses yesterday to Samsung, GASCO, Fayoum Storage and Warehouses Company, and EgyptSat Auto, according to a GAFI statement.

#1- A mobile phone factory: South Korean electronics giant Samsung will invest USD 55 mn in its new mobile phone assembly facility at its industrial complex in Beni Suef. This is a little bit more than we were expecting after a GAFI source last week told us Samsung will invest some USD 50 mn in its new factory.

#2- EV factory: Local EV manufacturer EgyptSat Auto will build a EGP 300 mn factory in Tenth of Ramadan. The factory will have a monthly production capacity of 5k cars, with the first car to hit the market in 2H 2024, Chairman Mohamed El Ghamry told Enterprise.

#3-Boosting GASCO’s production capacity: State-owned Egyptian Natural Gas Company (GASCO) will invest USD 380 mn to expand its gas complex in Alexandria. The company will add a fourth production line with a capacity of 600 mn cubic feet a day.

#4-Warehouses in Fayoum: The Fayoum Company for Storage and Warehouses will work on a EGP 1.3 bn project to establish new strategic warehouses in Fayoum with a storage capacity of 75k pallets.

More to come? EnviroProcess will receive the golden license for its EGP 73.5 mn recycling plant for alternative fuels and fibers in Minya soon after the necessary paperwork is done, sources with knowledge of the matter told us.

**This story was amended on 5 November 2023 to remove coverage of Schneider Electric’s investment plans, as we picked up incorrect figures from a news report. We have updated coverage in our issue published on Monday, 6 November 2023. 

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