The government okays the establishment of three free investment zones in South Sinai, Kafr El-Sheikh, Sharm El-Sheikh and Qalyubia, Invest-Gate reports.

The announcement came during a meeting of the General Authority for Investment and Free Zones’ (GAFI’s) new Board of Directors (BOD) which was headed by the Minister of Investment and International Cooperation Sahar Nasr and attended by GAFI’s CEO Ms. Mona Zobaa, according a statement released by the ministry.

The board of directors also approved the establishment of a public free zone at Nuweiba in South Sinai, an investment zone spanning an area of over 8000 feddans and specialized in tourism activities along Sharm El-Sheikh and a third investment zone over GAIF-owned lands covering 15, 000 meters inside Tanta Oils & Soap in Qalyubia governorate. The BOD also approved the establishment of an investment area in Kafr El-Sheikh.

In addition, the Minister emphasized benefiting from President Abdel Fattah El Sisi’s ratification of the Investment Law and the Council of Ministers’ approval of the Investment Law’s executive regulations in taking rapid actions to improve the investment environment.