The General Authority for Investment and Free Zones (GAFI) has nodded the development of 30 new projects in the investment zone of CPC Egypt for Industrial Development, located in 6th of October City, Invest-Gate reports.
This came during a meeting with GAFI’s Executive Director Mohamed Abdel Wahab and chairman of CPC Egypt’s investment zone, along with other concerned bodies, to review updates on the 357-acre zone, which includes a total of 80 projects at a combined value of more than EGP 2.8 bn, according to an official statement on July 18.
On his part, Abdel Wahab mandated the swift release of necessary licenses for the recently approved developments, before deciding to issue six-month licenses for new businesses, namely those manufacturing medical supplies, pharmaceuticals, and food commodities, the statement revealed.
Further, a three-month extension – posed to be renewed for an additional period – has been passed for submission of insurance coverage and letters of guarantee by potential investors willing to reserve units at Egypt’s investment areas, GAFI’s official added.
In May, GAFI approved a total of 103 projects at the investment zone of City Centre Almaza. The 123,000-square-meter free zone, which is affiliated to Majid Al Futtaim, will boast about 280 retail outlets for local and international brands and cinemas, with investments worth EGP 9 bn, according to an earlier statement.