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Egypt’s new free zone to serve development purposes

As part of the Egyptian government development plan for Upper Egypt, a new free zone will be opened in Aswan to boost the economy, serve investors and create more jobs.
The sun sets over the Nile River in Aswan 1,000 kms south of Cairo on May 13, 2010.  Four African countries signed on May 14, 2010 a new treaty on the equitable sharing of the Nile waters despite strong opposition from Egypt and Sudan who have the lion's share of the river waters. AFP PHOTO/AMGAD FOUAD (Photo credit should read AMGAD FUAD/AFP/Getty Images)
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CAIRO — Egyptian Prime Minister Mustafa Madbouly approved May 13 a decision to set up a free zone in the southwest of the New Aswan city. This comes as part of the government's plan for the development of cities in Upper Egypt to serve investors and create more jobs.

Previously, the General Authority for Investment and Free Zones (GAFI)’s board of directors consented in February to set up this free zone. The conditions and regulations related to Investment Law No. 72 of 2017 clarifying the rights of the state and investor were drafted, all contracts were updated, and a branch of the Investors Services Center was established in May in the public free zone in the Nasr district of Cairo to make things easier for investors.

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