GAFI to Launch New Silver License to Support Egyptian Startups

The General Authority for Investment and Free Zones (GAFI) in Egypt is planning to introduce a new 'Silver License' aimed at aiding startups and younger companies streamline their business activities. Slated for launch by the year's end, the licenses' details are set to be submitted to the Cabinet of Ministers within two months. This comes after the successful launch of the 'Golden Licenses' earlier in the year, targeted towards fast-tracking the approval processes for the establishment, operating, and managing of various projects. So far, Egypt has issued 24 golden licenses, with possible new issuances being studied. In addition, GAFI is considering setting up a financial hub in the New Administrative Capital in partnership with an Emirati-South African alliance, aimed at supporting companies in insurance, investment funds, financial consulting, holding and family companies, and tourism fields. Similar financial hubs are also expected to be established in New Alamein and the Red Sea Governorate. These initiatives are part of Egypt's broader strategies to facilitate businesses' needs and attract more investments.