Public freezone coming to Damietta: The General Authority for Freezones and Investment (GAFI) and Italy’s Finestra have inked an MoU to establish a 183-feddan public freezone in Damietta, according to a GAFI statement. This will be Damietta’s second public freezone and Egypt’s tenth, and comes as part of a wider effort to draw in FDI and boost exports, GAFI said.

The details: The freezone will be located along the international coastal road for the project, and will include 220 industrial plots, according to the statement. Industrial development and infrastructure outfit Finestra Egypt will develop the zone, establish utilities, and carry out necessary maintenance to prepare the space for investments.

The timeline: The first phase of the project is set to launch next year, along with Finestra’s promotional activities, the statement said. The project is divided into four phases, each of which includes from 50 to 60 industrial units, it added.

Finestra will also promote the zone to prospective investors in Italy and elsewhere, while GAFI will manage and operate the zone.

What’s next: GAFI will fast track licenses and approvals for all of the project's stages, GAFI CEO Hossam Heiba said. The authority will also share data on Egypt with Finestra for the purpose of promoting the zone to investors looking to harness Egypt’s advantages.

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