Arab Finance: The General Authority for Investment and Free Zones (GAFI) is currently studying the establishment of new public free zones, in addition to the nine existing ones, according to a statement.

This was revealed during a meeting held by Mohamed Awad, CEO of GAFI, with leaders of free, investment, and technology zones to review the implementation status, expansion, and development plans.

Awad emphasized the need to accelerate progress toward the targets under the directives of Minister of Investment and Foreign Trade Mohamed Farid.

The CEO stressed the importance of expanding the zones in the coming phase, which will help secure new job opportunities and enhance the competitiveness of the national economy. 

He noted that free zones have become a fundamental pillar in attracting foreign direct investment (FDI) and increasing exports.

During the meeting, the CEO stressed the need to achieve a balance between governance and streamlining procedures, without jeopardizing the continuity of viable projects or harming the investment climate.

The number of current projects operating within the public and private free zones system stands at 1,254, providing 253,000 direct job opportunities.

Finally, Awad directed the swift completion of the digital transformation of the investment zones system to provide electronic services, boost transparency and operational efficiency, and drive a sustainable investment system.