Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones "GAFI", granted four new golden licenses to representatives of Samsung Electronics Egypt, the Egyptian Natural Gas Company (GASCO), Fayoum Company Warehouses and Storage, and EgyptSat 2, making the total number of companies obtained the golden license to reach 24 companies.
The golden license is a comprehensive license for all the permits required for the set up, operation and management of companies, granted by the Council of Ministers for the purpose of facilitating for investors and improving the business environment.
The golden license will contribute to accelerating the set up and operation of Samsung mobile phone factory in Beni Suef, at an investment cost of $55 million. Meanwhile, GASCO will increase the capacity of its Western Desert gas complex by adding a fourth production line with a capacity of 600 million cubic feet per day, at an investment cost of $380 million, to increase the production of natural gas, the raw material made of ethane and propane mixture, butane gas and condensate, and the commercial propane produced for export.
EgyptSat 2 will use its Golden License to establish a car and electric bus factory in 10th of Ramadan City, at an investment cost of EGP 300 million, while the Fayoum Company Warehouses and Storage will inject EGP 1.3 billion to establish strategic warehouses with a storage capacity of 75 thousand pallets.
Mr. Hossam Heiba confirmed that the government is moving to expand the issuance of Golden Licenses (comprehensive approval) to include all activities and companies, due to their positive impact on the investment climate and the competitiveness of the Egyptian economy.
GAFI CEO added that the four Golden Licenses granted by GAFI today are distributed among four governorates, which is consistent with the government's plan to distribute the fruits of development throughout the Republic, so that the largest number of citizens benefit from the development impact of new investment flows, by providing job opportunities, increasing incomes and developing the infrastructure of different regions.
