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UAE-South Africa firms to build financial hub in Egypt

Egypt new financial hub Reuters/Amr Abdallah Dalsh
The new headquarters of the finance ministry in the New Administrative Capital east of Cairo on June 21, 2023

A consortium of UAE and South African companies will create a financial hub in Egypt’s New Administrative Capital, an upcoming economic and business district.

The hub is in partnership with a consortium from the UAE and South Africa, Hossam Heiba, executive director of the General Authority for Investment and Free Zones (Gafi), said in a statement.

The names of the companies were not disclosed. 

The official disclosed that three new financial hubs were in the pipeline to be developed in New Alamein and Red Sea governorate.

These projects are part of Gafi’s strategy to create a business-friendly environment and attract new investments. The move aims to reduce licensing documents by 76 percent. 

The new financial hubs will open for numerous activities such as insurance, financial consulting services, investment funds, holding and family companies, and tourism.

Heiba said foreign direct investments (FDIs) in Egypt grew by 10 percent in 2023 year on year, with inflows hitting a record 71.4 percent increase to $8.9 billion in FY 2021-2022.

Egypt is the largest FDI destination in Africa and the second-largest recipient of such investmentin the Middle East, after the UAE, the Gafi official said.

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