{"id":620504,"date":"2024-05-22T00:00:00","date_gmt":"2024-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/22\/authorities-are-working-on-facilities-to-attract-foreign-investors-to-private-freezones\/"},"modified":"2024-05-22T00:00:00","modified_gmt":"2024-05-22T00:00:00","slug":"authorities-are-working-on-facilities-to-attract-foreign-investors-to-private-freezones","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/22\/authorities-are-working-on-facilities-to-attract-foreign-investors-to-private-freezones\/","title":{"rendered":"Authorities are working on facilities to attract foreign investors to private freezones"},"content":{"rendered":"

Good morning, folks. <\/strong>It\u2019s another hot day at home led by hot M&A news on the fintech front, with EFG Hermes snapping up a minority stake in a Danish digital wealth manager and e-Finance acquiring minority stakes in two local digital payment firms. We also had a chat with HSBC\u2019s Simon Willams on what\u2019s next for the nation\u2019s economy and monetary policy ahead of the MPC meeting tomorrow, so let\u2019s jump in.<\/span><\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- It could get easier to set up private freezones soon<\/strong>: <\/strong>The General Authority for Investment and Freezone (GAFI) is finalizing a fresh set of requirements for the establishment of private freezones aimed at facilitating the process and attracting foreign investments in the process, GAFI head Hossam Heiba said on Tuesday. The new requirements \u201cprotect local investors while attracting foreign investors,\u201d Heiba said. <\/p>\n

On the table: <\/strong>The new requirements reduce the percentage of product allocated to the local market to 20% and offer tax breaks for foreign investors. Under the new rules, the process for establishing a company will be fast tracked to be completed within one day.<\/p>\n

#2- An airport freezone: <\/strong>The Customs Authority is looking to set up a freezone inside Cairo Airport from which to trade and re-export goods, authority head El Shahat Ghatwary said, according to Al Borsa<\/a>. <\/p>\n

<\/a> #3- Hi<\/strong>gher tariffs on chemical imports? <\/strong>The Finance Ministry could amend customs regulations for chemical products in order to boost local industry, a senior government source told Enterprise. The Chamber of Chemical Industries proposed increasing tariffs by 5-10% on chemical products that are imported but have a locally-made counterpart.<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a>The joint <\/strong>annual meetings of Arab financial authorities makes its Egypt debut: <\/strong>Finance ministers, central bank heads, and officials from regional and international bodies are meeting in the new capital today to discuss financial, economic, and development issues, according to a statement<\/a> from the International Cooperation Ministry.<\/p>\n

HAPPENING TOMORROW-<\/p>\n

<\/a> Interest rate day at the CBE: <\/strong>The Central Bank of Egypt\u2019s Monetary Policy Committee will meet tomorrow<\/a> to review interest rates for the first time after it delivered a jumbo 600 bps rate hike<\/a> alongside the EGP float at a special meeting in early March. <\/p>\n

The polls are in: <\/strong>The MPC is expected to leave interest rates unchanged as inflation cools, FX inflows pick up, and the EGP exchange rate against greenback stabilizes, as unanimously forecasted in our interest rate<\/a>poll<\/a> of 11 analysts and economists earlier this week. Against the grain, Goldman Sachs is penciling in a 2% interest rate cut<\/a>.<\/p>\n

HAPPENING NEXT WEEK- <\/p>\n

Egyptian-Libyan construction cooperation agreement on the way? <\/strong>The Egyptian Federation for Construction and Building Contractors is set to sign a cooperation agreement with the Libyan Contractors\u2019 Union next week, Al Borsa<\/a> reports, citing federation head Mohamed Sami Saad. The agreement aims to set up collaboration mechanisms and financing solutions to increase Egyptian construction companies' participation in Libyan reconstruction projects.<\/p>\n

IN THE HOUSE-<\/p>\n

<\/a> Fresh round of budget discussions: <\/strong>The House Budget Committee kicked off a new<\/a>round<\/a> of discussions on the 2024-2025 budget on Tuesday. The committee will hold a total of ten meetings on the budgets of various state entities. <\/p>\n

Remember: <\/strong>The committee held 21 meetings on the state budget last week, shortly after Finance Minister Mohamed Maait delivered his budget statement<\/a> to the House.<\/p>\n

PSA- <\/p>\n

WEATHER- The heatwave is not going anywhere. <\/strong>It\u2019s another extremely hot day in Cairo, with a high of 39\u00b0C and a low of 28\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s almost as hot in Alexandria<\/strong>, with a high of 36\u00b0C and a low of 23\u00b0C.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Want to subscribe? <\/strong>Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

CIRCLE YOUR CALENDAR- <\/p>\n

Breakfast with BEBA: <\/strong>The British Egyptian Business Association (BEBA) is hosting a breakfast briefing under the title \u201cOur World Today: Where Do We Stand In These Tumultuous Times\u201d on Thursday, 30 May. The briefing will be moderated by Karim Helal, president of Concord International Investments Group, with a keynote address by former foreign minister Nabil Fahmy. Register for the event here<\/a>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

It\u2019s a mixed bag on global front pages this morning <\/strong>with no single story captivating the attention of the business press.<\/p>\n

#1- Iran will <\/strong>hold presidential elections on 28 June<\/a><\/strong> as the country looks to elect a new president following the death of Ebrahim Raisi in a helicopter crash. Vice President Mohammad Mokhber will serve as interim president in the meantime. <\/p>\n

#2- US stocks hit another record high: <\/strong>The S&P 500 and tech-heavy Nasdaq Composite both hit fresh highs yesterday. US stocks have been closing in the green for the past couple of sessions following promising inflation data<\/a> that reignited trader optimism that the Federal Reserve could start cutting interest rates this year. <\/p>\n

#3- Pixar is laying off 14% of its workforce <\/strong>as the company adopts a quality over quantity mindset, a Disney spokesman told CNBC<\/a>. <\/p>\n

<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n

In today\u2019s issue: <\/strong>We take a look at the construction sector calls for updated contract standards to keep up with changing industry. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. It\u2019s another hot day at home led by hot M&A news on the fintech front, with EFG Hermes snapping up a minority stake in a Danish digital wealth manager and e-Finance acquiring minority stakes in two local digital payment firms. 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The manufacturers including Handa, which expressed interest in setting up a factory worth USD 20 mn in\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596556,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/egypts-gafi-set-to-complete-six-freezones-this-fiscal-year\/","url_meta":{"origin":620504,"position":1},"title":"Egypt\u2019s GAFI set to complete six freezones this fiscal year","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"The General Authority for Freezones and Investments (GAFI) is set to complete six customs-exempt special economic zones (SEZs) in FY2019-2020, GAFI head Mohsen Adel tells Al Masry Al Youm. The plan includes \u201cEgypt\u2019s largest\u201d mixed-use SEZ in Tenth of Ramadan City, which the authority will develop in partnership with the\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":620504,"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":593015,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/egypt-passes-investment-act-exec-regs-amendments-to-collect-data-on-foreign-investment\/","url_meta":{"origin":620504,"position":3},"title":"Egypt passes Investment Act exec regs amendments to collect data on foreign investment","author":"enterpriseam admin","date":"14 November 2019","format":false,"excerpt":"LEGISLATION WATCH- Investment Act amendments require public, private entities to submit data on foreign investment assets to GAFI: Prime Minister Moustafa Madbouly signed off on amendments to the Investment Act\u2019s executive regulations that would require public and private entities to submit quarterly reports to the General Authority for Freezones and\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":637810,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/26\/more-than-four-saudi-companies-look-for-projects-in-private-freezones-gafi-to-deliberate-on-requests-in-january\/","url_meta":{"origin":620504,"position":4},"title":"More than four Saudi companies look for projects in private freezones, GAFI to deliberate on requests in January","author":"enterpriseam admin","date":"26 November 2017","format":false,"excerpt":"At least four Saudi companies in the textile and petrochemicals business have filed requests to the General Authority for Freezones and Investment (GAFI) asking to launch new projects in private freezones, sources tell Al Borsa. GAFI is expected to begin reviewing the applications by early January. In related news, the\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582613,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/gafi-has-three-new-deputies\/","url_meta":{"origin":620504,"position":5},"title":"GAFi has three new deputies","author":"enterpriseam admin","date":"13 March 2023","format":false,"excerpt":"Three new appointments to GAFI: Prime Minister Moustafa Madbouly has appointed three deputies to the CEO of the General Authority for Investment and Freezones (GAFI), Hossam Haiba (LinkedIn), according to a cabinet statement. 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