Dr. Mohamed Awad:
We are committed to providing a more competitive and attractive investment environment that supports strategic projects and strengthens investors' confidence in the Egyptian economy.
The Forbes International Tower project represents a significant addition to Egypt's portfolio of major investments and reflects international investors' confidence in the Egyptian economy.
GAFI is committed to addressing investors' challenges and strengthening partnerships with the private sector to attract investment and facilitate the transfer of advanced technologies.
Dr. Maged Marie:
We highly appreciate the support provided by MIFT and GAFI to investors.
The Forbes International Tower project aims to attract international investment and reinforce Egypt's position as a regional hub for business and investment.
Dr. Mohamed Awad, Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI CEO), welcomed a delegation from Saudi Arabia's Magnom Properties, headed by Dr. Maged Marie, CEO of the company, to discuss the latest developments regarding the implementation of the Forbes International Tower project in the New Administrative Capital. The meeting was held in line with the directives of H.E. Dr. Mohamed Farid, Minister of Investment and Foreign Trade (MIFT Minister), to support strategic investment projects and maintain continuous engagement with investors.
Dr. Mohamed Awad affirmed that MIFT and GAFI attach great importance to major investment projects given their significant contribution to the national economy. He noted that the Forbes International Tower project is one of Egypt's flagship investment projects, supporting the State's vision of transforming the New Administrative Capital into a regional hub for business and investment.
He added that GAFI continues to enhance investment services, streamline procedures, and remove any obstacles facing investors to ensure the timely implementation of projects and further strengthen the business community's confidence in Egypt's investment climate.
During the meeting, both sides reviewed the latest developments of the project, which is being developed in the Central Business District (CBD) of the New Administrative Capital, with targeted investments of approximately USD 1 billion. The project aims to establish a global hub for business and financial services while attracting international companies operating in technology and artificial intelligence, thereby reinforcing Egypt's position as a regional hub for business and investment.
In addition, the two sides discussed opportunities for cooperation in advanced technologies and artificial intelligence, as well as ways to attract multinational companies, in support of the State's efforts to build an economy based on knowledge and innovation.
On his part, Dr. Maged Marie expressed his appreciation for the support provided by MIFT and GAFI, affirming that the Egyptian market is considered one of the company's most important investment destinations in the region. He added that the Forbes International Tower project will serve as a platform for attracting international investment in business, technology, and financial services.
He added that the company looks forward to further strengthening its cooperation with GAFI and completing the procedures related to the draft Financial and Business District Law, enabling the project to move forward in accordance with the highest international standards.
At the conclusion of the meeting, both sides agreed to continue coordination to finalize the necessary procedures and activate the Golden License, thereby accelerating the implementation of the project, increasing foreign direct investment inflows, and further consolidating Egypt's position as a regional hub for business and investment.
