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10 Nov 2021

Prime Minister is following up with GAFI CEO on the progress of a number of projects

Approving 10 new projects with a capital of $50 million in free zones during the past two months With a capital of $75, 10 new projects, which have been set up at the investment zones, offer 2,950 job opportunities Dr.

Mostafa Madbouly, Prime Minister, met today with Counselor Mohamed Abdel Wahab, GAFI CEO to discuss the progress of a number of private industrial projects ready for opening, whether in investment or free zones. During the meeting, Abdel Wahab said that some investors proposed to start a number of projects during the coming period, including an eye drop factory. Abdel Wahab pointed out that preparations are underway to hold a business forum in Hungary in December to review investment opportunities available in Egypt. He added that preparations are currently being made to present investment opportunities to Omani investors, in coordination with the Omani ambassador to Cairo. Counselor Mohamed Abdel Wahab also referred to his recent meeting with Tomaso Rodriguez, CEO of Talabat, during which they discussed the company's plans to increase its investments in the Egyptian market, and to provide innovative solutions to expand its customer base in Egypt, which is the largest market for the company's activity in the region. Furthermore, GAFI CEO mentioned that with regard to the first E-offering of development clusters, which was announced last October, in the governorates of North and South Sinai, GAFI received 2,821 reservation requests, and that an electronic lottery will be conducted to the submitted requests. 10 projects were carried out at the new investment zones in September and October with a capital of EGP 75 million, offering 2,950 job opportunities, Abdel Wahab said. He added that GAFI has initially approved 10 projects for establishing new companies and expanding existing ones at the free zones during September and GAFI Knowledge Suppport and Translation Department The General Authority for Investment and Free Zones Page 2 of 3 GAFI Translation Department–Tel. + 2026736900-5. Ext: 2745 - 2748 Fax: 2745. -Mob. 201114650550 Email: m.fayez@gafinet.org.eg October with capitals amounting to $50 million and investment costs of $148 million. These projects generate 467 job opportunities. Five companies increased their capital at a total of $10.6 million, while 12 others increased their investment costs at a total of $111.4 million during the past two months. At the end of the meeting, GAFI CEO presented to a group of young investors a number of projects, which he will further discuss in another meeting with them in the near future.