UAE-South Africa alliance to build financial hub in Egypt

A consortium of UAE and South African would establish a financial hub in Egypt’s New Administrative Capital, an upcoming economic and business district, according to Egypt’s General Authority for Investment and Free Zones (GAFI) director said.

Three financial hubs are also expected to be built in New Alamein and the Red Sea Governorate, Hossam Heiba added during a meeting with members of the Egyptian Lebanese Businessmen Association (ELBA) at the authority’s premises on Saturday.

The new financial hubs will open for numerous activities such as insurance, financial consulting services, investment funds, holding and family companies, and tourism. These projects are part of GAFI’s strategy to create a business-friendly environment and attract new investments.