Egypt’s PM reviews measures to boost investment in Sinai

Egyptian Prime Minister Moustafa Madbouly reviewed government measures on Tuesday to attract more investment to the Sinai Peninsula, as authorities seek to accelerate economic development in one of the country’s strategic regions.

The meeting was attended by Deputy Prime Minister for Economic Affairs Hussein Eissa, Investment and Foreign Trade Minister Mohamed Farid, Financial Regulatory Authority (FRA) Chairman Islam Azam, General Authority for Investment and Free Zones (GAFI) CEO Mohamed Awad, and Egyptian Exchange Chairman Omar Radwan.

During the meeting, Madbouly reviewed initiatives and proposals to diversify Sinai’s investment base by promoting projects across multiple sectors, creating jobs for local communities, and making better use of the peninsula’s natural resources and economic potential.

The officials reviewed incentives available to investors in Sinai, including measures to address challenges facing companies operating in the region, such as through regular consultations and updates to the legislative framework governing investment activities.

They also reviewed efforts to streamline investment procedures, including the establishment of an Investors Services Centre in South Sinai, which provides integrated services through representatives of government agencies responsible for issuing permits and licences.

The officials said regular coordination between GAFI and the National Authority for the Development of the Sinai Peninsula has also helped accelerate the processing of applications submitted by existing and prospective investors, reducing the time required to obtain regulatory approvals.

The government has stepped up efforts in recent years to attract investment to Sinai through infrastructure development, regulatory reforms, and investment incentives as part of a broader strategy to support sustainable economic development and create employment opportunities across the peninsula.

Attribution: Amwal Al Ghad English