Egypt’s Cabinet approves independent authority for Gargoub Special Economic Zone

Egypt’s Cabinet approved Wednesday a draft decree to establish the General Authority for the Gargoub Special Economic Zone as an independent economic public authority. The authority will be headquartered in Matrouh Governorate and report directly to the prime minister.

The authority will take ownership of state lands and facilities within the zone, designated under Presidential Decree No. 497 of 2025, without requiring additional legal procedures. It will also assume all rights and obligations from related contracts and transactions and have full jurisdiction over activities within the zone, while respecting private property rights.

The authority may create companies to support its objectives, either alone or in partnership with public or private entities, and will operate with its own capital and independent budget. Financial statements will follow Egyptian accounting standards, and the fiscal year will align with the state’s.

The decree specifies procedures for appointing the chairman, deputies, and board members. The chairman will submit an annual report to the prime minister within three months of the fiscal year’s end, covering the authority’s operations and investment progress in the zone.

The authority will publish its regulatory decisions and policies in official bulletins and in the Egyptian Gazette. The move is part of Egypt’s broader strategy to expand special economic zones, attract investment, and support regional development.

Attribution: Amwal Al Ghad English