At the 28th International Investment Conference (WIC) in Riyadh, Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones (GAFI), delivered a powerful message on Egypt’s emerging role as a leading hub for African investments. Speaking alongside key Saudi officials, including Minister of Investment Khalid Al-Falih and Deputy Minister Ibrahim Al-Mubarak, Heiba underscored the nation’s ambitious economic goals and strategic initiatives designed to draw foreign capital and bolster Egypt’s position on the global investment map.
He highlighted the government’s plans to increase private sector participation, targeting a 48% share of total investments by the fiscal year 2024/2025.
Strengthening Bilateral Ties with Saudi Arabia
A core focus of Heiba’s conference sessions was deepening the economic partnership between Egypt and Saudi Arabia. Discussions centered around identifying high-potential joint investment projects, with both parties evaluating the positive outcomes of their bilateral investment agreement. The Saudi delegation, alongside international partners, expressed interest in Egypt’s experience managing free zones—a model that could be replicated in other regions, with Madagascar, Malawi, and Kosovo showing particular interest in Egypt’s approach.
In response to Saudi Arabia’s growing interest in Egypt’s investment landscape, Heiba announced the creation of a Saudi Unit within GAFI, which will act as a liaison for Saudi investors. This new unit is designed to streamline the investment process, addressing challenges and promoting opportunities for Saudi businesses looking to enter the Egyptian market.
Empowering Startups and Entrepreneurship
Beyond traditional investment, Heiba also spotlighted Egypt’s evolving landscape for startups and entrepreneurs. He announced the formation of a new unit under the Cabinet aimed at fostering innovation and entrepreneurship. This initiative will focus on policies tailored to the needs of emerging businesses, particularly those in the digital space, while promoting youth engagement, women’s empowerment, and overall economic inclusion.
Sustainability and Green Investment: The Next Frontier
A defining theme of Heiba’s presentation was Egypt’s commitment to sustainability. With the global economy increasingly focused on green initiatives, Egypt is positioning itself as a leader in sustainable development. Heiba championed the creation of green free zones and highlighted Egypt’s partnerships with international organizations, including the United Nations Industrial Development Organization (UNIDO), to implement clean energy projects.
In meetings with FDI Intelligence, Heiba discussed strategic measures to attract foreign direct investment (FDI) and enhance cooperation with African investment agencies. This global outreach signals Egypt’s intent to further integrate with international markets, attract high-quality capital, and bring in the kind of strategic partnerships that will shape its economic future.
Heiba’s participation in the WIC was more than just a diplomatic gesture—it was a call to action for investors across the world to consider Egypt as a leading investment destination in Africa and the Middle East. Through strategic initiatives like the development of specialized free zones, robust foreign investment policies, and a keen eye on sustainability, Egypt is positioning itself as a key player in the global investment arena.
