Category: Exclusive News

APA’s Investment Cases Unit managed to direct the officials at the General Authority of Investment and Free Zones (GAFI) to expedite the procedures of establishing an investment zone on an area of 75 thousand square meters leased since 25/1/2009 from Mit Ghamr Spinning Company located at Mit Ghamr City, Dakahlia Governorate.
Investigations were conducted based on what was published in Al-Ahram newspaper in its issue dated on 20/2/2016 regarding the tardiness of (GAFI) in establishing an investment zone at Mit Ghamr City in violation to the Prime Minister’s decree no. (2616/2009) issued on 10/10/2009 to authorize the establishment of this area where it included binding (GAFI) with implementing the establishment plan within the set timetable and operating the established zone within 36 months.
Counselor/ Islam Nimr member at the Prosecution’s Investment Cases Unit at APA’s headquarters conducted investigations in the incident under the supervision of Counselor Ayman Nabil/ Vice President of APA and Head of the Unit which revealed that the committee formed by decision no. (31/3/2017) issued by GAFI’s Executive Director finalized setting the rules and regulations necessary to prepare the terms of reference booklet of the investment zone and consequently a declaration was published in Al-Ahram Newspaper on 21/4/2017 to put the zone for beneficial ownership before investors, in addition to publishing it on the official websites of the Ministry of Investment and International Cooperation, GAFI and the e-government website since the procedures had already been prolonged due to the circumstances that happened in Egypt following the revolutions of January 2011 and June 2013.
Investigations concluded dismissing and filing the case as the establishment process of the investment zone was finalized, where this decision was made in order to support the investment status in a manner that creates various work opportunities within Nile Delta regional scope.
Also the Prosecution addressed the Minister of Investment and International Cooperation to present a proposal to the Prime Minister to issue a decision to extend the operating timetable of the investment zone at Mit Ghamr City for 36 more months.

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