GAFI & Finestra of Italy sign MOU to create a free zone 2023
The General Authority for Investment and Free Zones (GAFI), the Damietta Governorate, and the Italian Finestra Alliance today signed a memorandum of understanding (MoU) to establish a public free zone in Damietta.
The Italian alliance revealed the free zone’s proposed future layout, which calls for its division into 220 units for production, storage, and administrative offices. The international coastline road and Egyptian ports will both be connected to the free zone.
Damietta will give the zone a block of land with a size of more than 183 acres on the international coastline road, and Finestra will set up, facilitate, develop, and maintain the area in order to get the area ready for investments.
Additionally, Finestra will advertise and sell the zone’s projects to draw foreign and Italian investment. The public free zone will be managed and run by GAFI in accordance with Egyptian investment law.
The CEO of GAFI, Hossam Heiba, reaffirmed that GAFI will try to hasten the issuance of permits and permissions throughout all phases of the project and that the new free zone will be environmentally sustainable and conform to the strictest local, state, and federal environmental regulations.
This is the second public free zone in Damietta Governorate, the tenth zone in Egypt, and the first public free zone in Finestra to construct a private industrial developer system.
Nine public free zones are currently present in Egypt, and they are located in the cities of Alexandria, Cairo, Port Said, Suez, Ismailia, Damietta, Shebin El-Koum, Qeft, in addition to media zone in 6th of october.
