Maxim Investment Group to establish Egypt's 1st medical resort at LE1.5B

The General Authority for Investment and Free Zones (GAFI) and Maxim Investment Group (MIG) signed Tuesday a contract to establish Egypt's first medical resort.

The resort will be built on 40 feddans at LE1.5 billion, creating 4,500 jobs. 'Naya Medical Resort' will be developed and operated by MIG in Giza's Saf neighborhood which is near many tourist destinations such as Kerdasa and Haraneya known for handicrafts.

Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba stated in November that 32,447 companies were founded in Egypt in FY2022/2023 compared to 30,961 companies in FY2021/2022.

The GAFI chairman highlighted that, in the past nine years, there was a major leap in the modernization of infrastructure and legislations as the goal was increasing the country's economic competitiveness, attracting new investments, and incentivizing existing businesses to expand.

As a result, 1,555 companies injected more financing into expansion in the past fiscal year. Also, the flow of foreign investment exceeded $10 billion.

The GAFI chairman underlined that tax exemption amounts to five years, and that it can be renewed once depending on economic activity and geographical location. He also shed light on the recent launching of the electronic foundation of companies in a process that takes a maximum of two hours.