GAFI, UAE-South African consortium partner to establish financial hub in New Administrative Capital

The General Authority for Investment and Free Zones (GAFI) announced their intention to establish a financial hub in the Financial and Business District of the New Administrative Capital. Partnering with a consortium from the United Arab Emirates (UAE) and South Africa, the move is just one part of GAFI's broader strategy of promoting a business-friendly environment and attracting more investments. The initiative could significantly boost Egypt's economy. Executive Director of GAFI, Hossam Heiba, also revealed plans for three additional financial hubs in New Alamein and the Red Sea Governorate. These hubs will feature a broad range of activities such as insurance, financial consulting services, investment funds, holding and family companies, and even tourism. As part of their strategy, GAFI aims to reduce the burden of licensing documents by a significant 76 percent. Heiba states that these upcoming hubs will play an essential role in fostering economic growth and facilitating business operations. Furthermore, he highlighted a remarkable projected growth in foreign direct investments (FDIs) by 10% at the end of the 2023 fiscal year compared to the previous one. This data supports GAFI's strategy as well as emphasizes the potential of these new financial hubs. This strategic development underpins Egypt's effort to become a more attractive investment destination and to allow for further economic growth.