The Egyptian housing ministry revealed that there are currently nine free investment zones, with investments totaled at EGP 3 bn, located in various areas across the country, Invest-Gate reports.
The free zones are situated in Alexandria, Nasr City, Port Said, Ismailia, Damietta, Monufia, Qena, and 6th of October City. In addition, seven additional free zones are set to be established in the upcoming period, including two in Nuweibaa and East Port Said, besides five more in Minya, Aswan, Giza, Sharqia, and Kafr El Sheikh, according to a ministerial statement on July 8.
This came during a meeting headed by Prime Minister Mostafa Madbouly, in the attendance of Minister of Investment and International Cooperation Sahar Nasr and a number of other officials.
The current free zones have a total of 1,090 projects, with a total capital of USD 12.8 bn, contributing to USD 2.1 bn to foreign inflows, according to the statement. With the value of investments estimated at USD 26.2 bn, the free zones provided 194,000 direct job opportunities up to date, the statement added.
During the meeting, Nasr said the country’s public free zones comprise a total of 888 projects, with a capital of US 6.8 bn and investments exceeding USD 14.9 bn, calculated as of June 30.
The cabinet had earlier approved the establishment of two private free zones, namely Al-Robeky and 10th of Ramadan, with investments worth EGP USD 200 mn and USD 50 mn, respectively, she added.