Date: 9/8/2010

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From the Floor Market Report & Researches GAFI Chairman: New investments procedures soon...would grant GAFI further powers to mediate in solving difficulties encountering investors with government circles Chairman of the General Authority for Investment and Free Zones (GAFI), Mohamed Al-Ghamrawi, said he held a meeting with GAFI leadership to put into effect the directives of President Hosni Mubarak to ease the procedures to set up new investment projects in a bid to lure more foreign direct investments (FDIs) into Egypt nationwide. In statements to Al-Gomhuria, Ghamrawi said an investment services complex would be established in GAFI premises with branches in all governorates, which would comprise representatives of all authorities concerned to finalize the procedures within 10 days. The new measures would be effective after the approval of the People Assembly (PA) of the new investment draft law. The new investment incentives law would grant GAFI further powers to mediate in solving difficulties encountering investors with government circles, he said. The Cabinet would have the power to provide further incentives and guarantees to new investment projects, he added.