{"id":609038,"date":"2023-10-30T00:00:00","date_gmt":"2023-10-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/golden-licenses-attract-mns-of-usd-in-fresh-investment\/"},"modified":"2023-10-30T00:00:00","modified_gmt":"2023-10-30T00:00:00","slug":"golden-licenses-attract-mns-of-usd-in-fresh-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/golden-licenses-attract-mns-of-usd-in-fresh-investment\/","title":{"rendered":"Golden licenses attract mns of USD in fresh investment"},"content":{"rendered":"

We have plenty of manufacturing news for you this morning, much of it with an FDI spin<\/strong>as the state\u2019s golden license initiative shows further signs of gaining traction \u2014 and as existing players in Egypt double down on their investments here. <\/p>\n

The breakdown:<\/strong><\/p>\n

More <\/strong>golden licenses handed out<\/strong>:<\/strong> 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<\/a>.<\/p>\n

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

#2- EV factory:<\/strong> 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.<\/p>\n

#3-<\/strong>Boosting GASCO\u2019s <\/strong>production capacity: <\/strong>State-owned Egyptian Natural Gas Company (GASCO) will invest USD 380 mn to expand its gas complex in Alexandria<\/a>. The company will add a fourth production line with a capacity of 600 mn cubic feet a day.<\/p>\n

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

More to come? <\/strong>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.<\/p>\n

**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. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Samsung is investing more than expected in a new phone assembly facility and EgyptSat Auto sees its first cars hitting the market in the back half of 2024<\/p>\n","protected":false},"author":1,"featured_media":609039,"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":[7255],"tags":[72,103,9154,2917,125,131,577],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-enterpriseam","tag-fdi","tag-gasco","tag-golden-licenses","tag-investment-watch","tag-manufacturing","tag-samsung","wpautop","entry"],"acf":{"mongo_id":"3473f369-0b05-4a6c-9c5c-97b42b9f00ba","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1432.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s golden licenses for investors are attracting mns of USD in fresh capital","related_issue":[609026],"teaser":"Samsung is investing more than expected in a new phone assembly facility and EgyptSat Auto sees its first cars hitting the market in the back half of 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.fbdae930-0d56-46b4-8702-8c17f44209b7.mp3"},"yoast_head":"\nGolden licenses attract mns of USD in fresh investment - 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It\u2019s been a while coming: The Japanese company, which produces automotive components and braided cables, has been waiting on the contracts since\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/932.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606776,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/21\/cabinet-approves-social-support-measures-renewables-expansion\/","url_meta":{"origin":609038,"position":2},"title":"Cabinet approves social support measures, renewables expansion","author":"enterpriseam admin","date":"21 September 2023","format":false,"excerpt":"The minimum wage hike, bonus payouts, and pension hikes will come into effect from the beginning of October. New golden licenses also got the green light.","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1025.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577892,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/it-just-got-easier-for-industry-to-get-golden-licenses\/","url_meta":{"origin":609038,"position":3},"title":"It just got easier for industry to get golden licenses","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"It was all about boosting foreign investment at the cabinet\u2019s weekly meeting, where ministers widened the scope of industrial and automotive investment incentives and approved the first land sale in foreign currency to an unnamed Gulf investor.Companies applying for the government\u2019s golden license for industry will no longer need to\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577781,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/progress-on-golden-licenses\/","url_meta":{"origin":609038,"position":4},"title":"Progress on golden licenses","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"CUSTOMS-New customs rules aim to clear backlogs at ports: The Customs Authority is obliging importers to submit import approvals from the General Authority for Freezones and Investment (GAFI) before they request an ACID number for their shipments, Al Borsa reports. 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