Egypt explores plans for new free zones

Reuters/Aladin Abdel Naby

Egypt is weighing plans to build three new free zones to stimulate foreign direct investments, according to Prime Minister Mostafa Madbouly.

The new free zones will be established in Alexandria, the 10th of Ramadan and the 6th of October cities, Ahram Online reported, citing an official statement.

No project or cost details were given on the upcoming free zones.

The prime minister has also reviewed the latest progress on companies applying for or receiving gold licenses.

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The golden licence initiative allows foreign investors to buy or rent land, operate and manage projects, and allocate the necessary facilities for them, all with a single approval.

Madbouly announced Egypt aims to generate $191 billion in annual revenues by 2026, of which $17 billion are expected to come from the Suez Canal and other maritime services.

The prime minister last week announced that Egypt signed contracts with the private sector to sell state-owned entities worth $1.9 billion under its initial public offering (IPO) privatisation programme.

The government announced in February a privatisation programme to sell stakes in 32 state-owned companies to garner $2.5 billion by the end of that fiscal year on June 31, 2023.

The country also intends to invest $9 billion in new oil refining and gas projects.