The General Authority for Investment and Free Zones (GAFI) has ratified the establishment of a new investment zone for Emaar Misr for Development, with EGP 40 bn worth of investments, Invest-Gate reports.

The investment zone will create about 77,000 job opportunities, GAFI Executive Director Mohamed Abdel Wahab announced in an official statement on November 22.

During the first nine months of 2020, GAFI signed off on the execution of 31 new investment projects across Egypt, Abdel Wahab earlier confirmed.

According to the executive, the investment cost of these new ventures amounts to USD 1.1 bn (EGP 17.2 bn), with a total capital of USD 417 mn (EGP 6.5 bn).

Cairo, Giza, Sharqiya, and Damietta have seven investment zones, comprising 938 projects with investments of EGP 29 bn, he further stated.