Prime Minister Dr. Mostafa Madbouly held a meeting, on Sunday 4/2/2024, regarding the establishment of new public free zones in new cities, in the presence of Dr. Assem Al-Gazzar, Minister of Housing, Utilities and Urban Communities, Hossam Haiba, CEO of the General Authority for Investment and Free Zones, and Dr. Walid Abbas, Vice President of the Authority. New Urban Communities, Supervisor of the Minister’s Office, Major General Yasser Abbas, Vice Chairman of the Investment Authority, and Engineer Issam Al-Behairi, Head of the Free Zones Sector at the Investment Authority.

At the beginning of the meeting, Dr. Mostafa Madbouly said: ‘Within the framework of the state’s support for investment and its keenness to attract new investments, especially in the industrial sector; today’s meeting comes to provide land for public free zones that contribute to attracting industrial investments to enhance production for export, stressing that the primary goal, in light of this, is to quickly provide ready industrial
land, especially for industrial projects that export their products abroad.’

The Prime Minister indicated that he had previously requested the identification of locations in the new cities whose development we aim to speed up to establish public free zones, with areas of about 150 acres for each area in cities such as: New Obour, New October, New Alamein, and some cities of Upper Egypt, and others, provided that There shall be a clear system of partnership between the New Urban Communities Authority and the General Authority for Investment and Free Zones, whether in terms of commitments or division of revenues.

Madbouly stressed that there are specific criteria for establishing public free zones, the first of which is attracting direct foreign investment, and that the volume of investment be large, with the need for the main goal of these zones to be export and deepening the national industry.

Source: State Information Service Egypt