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The General Authority for Investment and Free Zones (GAFI) and Maxim Investment Group (MIG) signed recently a contract to establish Egypt’s first medical resort, which will be built on 40 feddans at LE1.5 billion, creating 4,500 jobs. Naya Medical Resort will be developed and operated by MIG in Giza’s Saf neighbourhood
The General Authority for Investment and Free Zones (GAFI) and Maxim Investment Group (MIG) signed recently a contract to establish Egypt’s first medical resort, which will be built on 40 feddans at LE1.5 billion, creating 4,500 jobs. Naya Medical Resort will be developed and operated by MIG in Giza’s Saf neighbourhood.
Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba stated in November that 32,447 companies were founded in Egypt in FY 2022-23 as against 30,961 companies in FY 2021-22.
In the past nine years, there was a major leap in the modernization of infrastructure and legislation as the goal was increasing the country’s economic competitiveness, attracting new investments, and incentivizing existing businesses to expand. As a result, 1,555 companies injected more financing into expansion in the past fiscal year. Also, the flow of foreign investment exceeded US$10 billion.
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Tax exemption amounts to five years for investments. It can be renewed once depending on economic activity and geographical location. He also shed light on the recent launching of the electronic foundation of companies in a process that takes a maximum of two hours.
