{"id":597676,"date":"2023-08-13T00:00:00","date_gmt":"2023-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/"},"modified":"2023-08-13T00:00:00","modified_gmt":"2023-08-13T00:00:00","slug":"gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/","title":{"rendered":"GAFI is simplifying filing procedures. PLUS: News from SODIC, Compass Capital, Wizz Air"},"content":{"rendered":"

REGULATION- <\/strong><\/p>\n

GAFI continues its war on paperwork: <\/strong> The General Authority for Investment and Freezones (GAFI) has canceled some of the documents that it requires companies to provide for a number of post-incorporation services in a bid to \u201cimprove the investment environment\u201d by simplifying procedures, it said in a statement<\/a>. Among the papers companies no longer need to provide are those related to nominating board members, holding board meetings, appointing auditors, and reporting the death of partners or shareholders.<\/p>\n

REMEMBER- <\/strong>The authority last week<\/a> began operating its new digital platform, which provides investors with services to establish companies, authenticate contracts at notary offices, and register using electronic signatures among other services.<\/p>\n

REAL ESTATE- <\/strong><\/p>\n

#1- SODIC is set to deliver the first units at its North Coast June project in 3Q <\/strong> 2023 <\/strong>, Al Mal<\/a> reports, quoting the company\u2019s general manager Ayman Amer. The upmarket real estate developer sold more than half (55%) of the units in the 281-feddan project, he said. The company reported net income of EGP 148 mn in 2Q 2023<\/a>, up 126% y-o-y. The project accounted for 15% of the company\u2019s gross contracted sales in the first six months of 2023, it said.<\/p>\n

#2- Compass has a USD 100 mn real estate fund in the works: <\/strong>Private equity firm Compass Capital plans to set up a USD 100 mn real estate investment fund within a year, Asharq Busin<\/a> ess<\/a> reports, citing an interview with Managing Partner Tarek Abdel Rahman. The fund could invest in office and commercial projects in east and west Cairo, he added.<\/p>\n

TOURISM- <\/strong><\/p>\n

London to Cairo on a budget: <\/strong> Hungarian budget airlineWizz Air is opening a new route connecting Cairo\u2019s Sphinx International Airport to London\u2019s Luton Airport, the airline said on its website<\/a>. The airline will operate three flights a week starting 30 October, with fares from GBP 53.99 (EGP 2.1k) one way. <\/p>\n

TRADE- <\/strong><\/p>\n

This Chinese shipping line is coming to Egypt: <\/strong> A new shipping line launched by Chinese logistics firm Torgmoll<\/a> linking Chinese and Russian ports has begun servicing Egypt, Al Mal<\/a> reports, quoting Walid El Saiedy, chairman of Royal Trade Agency and a member of the Damietta Shipping Chamber. The New New Shipping line began operating a regular container shipping service between Russia and China<\/a> via the Arctic Ocean earlier this year, and according to El Saiedy recently made its first stop at Dekheila port. The service will link Egypt\u2019s Dekheila and Damietta ports with ports in Russia and China, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the latest move by the authority to streamline business regulations<\/p>\n","protected":false},"author":1,"featured_media":597677,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,998,72,461,145,758,83,312,238,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-compass-capital","tag-enterpriseam","tag-gafi","tag-logistics","tag-private-equity","tag-real-estate","tag-sodic","tag-tourism","tag-transport","wpautop","entry"],"acf":{"mongo_id":"ca98603d-332f-44ea-9c2f-56a93a38be72","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/562.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s investment authority is simplifying filing procedures. 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2019","format":false,"excerpt":"REGULATION WATCH- Freezone companies need to stick to target export mix: The General Authority for Investment (GAFI) has commissioned a working group to perform quarterly audits of companies under its supervision to ensure they are maintaining a certain ratio of domestic to international sales, the authority said in a statement.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":658627,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/14\/were-getting-a-revamped-companies-act-that-gafi-says-will-be-in-line-with-changing-investment-climate\/","url_meta":{"origin":597676,"position":1},"title":"We\u2019re getting a revamped Companies Act that GAFI says will be \u2018in line\u2019 with changing investment climate","author":"enterpriseam admin","date":"14 January 2025","format":false,"excerpt":"The law outlines the regulatory framework for the incorporation, management, and dissolution of companies in Egypt","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/730.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591782,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/baker-mckenzie-explains-egypts-latest-investment-act-exec-reg-amendments-on-foreign-investment-data\/","url_meta":{"origin":597676,"position":2},"title":"Baker McKenzie explains Egypt\u2019s latest Investment Act exec reg amendments on foreign investment data","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"If your company has a foreign investor in its shareholder base, GAFI wants extra data from you every quarter: The Investment Ministry issued last month amendments to the Investment Act that will require public and private entities alike to submit quarterly report to the General Authority for Freezones and Investment\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624616,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/13\/gafi-outlines-procedures-for-companies-to-fall-under-its-purview-from-fra\/","url_meta":{"origin":597676,"position":3},"title":"GAFI outlines procedures for companies to fall under its purview from FRA","author":"enterpriseam admin","date":"13 September 2018","format":false,"excerpt":"The General Authority for Freezones and Investment (GAFI) issued a directive outlining procedures for companies to fall under its jurisdiction from that of the the Financial Regulatory Authority\u2019s (FRA), Al Mal reports. These procedures include obtaining approval from the company\u2019s general assembly with FRA sign off, and an approval from\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592145,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/29\/gafi-boss-joins-cabinet-economic-group-becomes-egypt-de-facto-investment-minister\/","url_meta":{"origin":597676,"position":4},"title":"GAFI boss joins cabinet economic group, becomes Egypt de-facto investment minister","author":"enterpriseam admin","date":"29 December 2019","format":false,"excerpt":"GAFI boss joins cabinet economic group: Prime Minister Moustafa Madbouly hasrestructured the cabinet economic group to give the head of the General Authority for Investments (GAFI) a seat at the table. The group, which is led by the prime minister, is now comprised of the central bank governor, the ministers\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626699,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/09\/gafi-issues-non-objection-to-sarwa-establishing-insurance-companies\/","url_meta":{"origin":597676,"position":5},"title":"GAFI issues non-objection to Sarwa establishing insurance companies","author":"enterpriseam admin","date":"9 July 2018","format":false,"excerpt":"The General Authority for Investment and Free Zones (GAFI) has no objection to Sarwa Capital establishing two separate life and insurance companies, each of which will have a capital of around EGP 100 mn, Al Mal reports. Lebanese United Insurance company will own 15% of each of the companies\u2019 shares.\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597676"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597676\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597677"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597676"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597676"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}