The CEO of the General Authority for Investment and Free Zones (GAFI) meets with
major law and accounting firms
Counselor Mohamed Abdel Wahab issues executive decisions to improve the services
provided by GAFI to investors and reduce the period of Performing such services
Counselor Mohamed Abdel Wahab, GAFI CEO, met with the heads of major law and
accounting firms in an open dialogue where they discussed the most important
procedures related to improving the investment climate in Egypt. Moreover, they
discussed some new decisions taken by GAFI, which would provide effective mechanisms
to reduce procedures related to the investment process, and reduce time taken to perform
services in free zones and Investor Service Centers (ISCs).
The meeting is within the framework of strengthening the means of communication
between GAFI and business communities to discuss all proposals related to the growth
of investment rates and improving the business environment. The meeting included a
discussion of some aspects of investors' interests, such as the development of investment
legislation related to the activity of startups and entrepreneurship, as well as the
formation of a legal working group to unify concepts related to the shareholders'
agreement and standardize related standards.
Counselor Mohamed Abdel Wahab mentioned that GAFI is working on more than one
axis to improve the investment climate, attract more foreign investments, support
existing investment entities and encourage such entities to expand their activities, by
continuing to develop the services provided by GAFI to investors and reducing the time
taken to implement such services. GAFI has issued a number of decisions in this regard,
which include simplifying the procedures related to reviewing and approving the
minutes of ordinary and extraordinary general meetings and boards of directors (BoD)
meetings, as well as reducing the time taken to perform some services in free zones to be
two (2) hours instead of a working day.
Mr Abdel Wahab also confirmed that GAFI has reduced the time taken to perform
financial services provided by the Economic Performance Sector to be (72) working
hours. In addition, he noted that a guide to frequently asked questions, that includes
answers to all inquiries and questions received from investors and their agents, has been
prepared and operationalized and is being updated periodically, as one of the ways to
boost the investment.
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