The General Authority for Investment and Free Zones (GAFI) has signed an agreement with the Emirate of Ajman establishing a free trade zone.
The zone will be specialised in supporting small- and medium-sized enterprises (SMEs), according to Ajman Free Zone head Mahmoud Khalil Al-Hashemi.
Talking to Daily News Egypt the day before the start of the Economic Summit, Al-Hashemi said the region will focus on providing SMEs with financial and technical support.
According to Al-Hashemi, the Egyptian government’s legislative reforms and the political stability towards which the government is moving will be attraction factors for foreign investments in the next period.
The detailed studies of the project have yet to be finalised, Al-Hashemi said. He anticipates the zone will be amongst the most important of the projects supporting SMEs.
Al-Hashemi added the Egyptian government has already commenced with serious steps in the economic reform process, especially regarding the issuance of the unified investment code and process of capital exit.
At the beginning of March, the Cabinet announced the issuance of the unified investment law.
According to GAFI, UAE is behind $11.9bn in investments in Egypt, coming in second place behind Saudi Arabia. According to Al-Hashemi, the majority of these investments are in the fields of IT, banking, finance and real estate.