Latest news with #freezones
Al Arabiya
23-05-2025
- Business
- Al Arabiya
Syria and Chinese company sign memorandum on investment
Syria said Thursday it had signed a memorandum of understanding with a Chinese company to invest in free zones for 20 years. The General Authority for Land and Maritime Ports said on X that it had signed a 'strategic agreement' with the Chinese company Fidi. The deal gives Fidi full operation rights over the Hessia free zone in the central province of Homs where an industrial zone would be developed on 850,000 square metres (210 acres) of land. It also grants Fidi rights to invest in 300,000 square metres of the Adra free zone on Damascus' outskirts, where the focus would be on commercial and service products for the local and regional markets. Syria has numerous free zones offering foreign investors benefits including full tax exemptions, the freedom to hire local or foreign labor and unrestricted transfer of foreign capital. The country's new rulers hope the imminent lifting of US and European sanctions will kickstart an economic recovery, after 14 years of devastating war. China was a major backer of former president Bashar al-Assad alongside Russia and Iran before his overthrow in December. Along with Russia, it repeatedly used its UN Security Council veto to support the Assad government and block Syria-related resolutions during the conflict.
Zawya
12-05-2025
- Business
- Zawya
Egypt: GAFI to allow free zones to host services startup HQs for export purposes
Arab Finance: Free zones will allow hosting headquarters of startups operating in the services sector for export purposes for the first time, Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), announced. Heiba's remarks came on the sidelines of RiseUp Summit 2025, which was held under the theme "Boosting Startups: Policy, Progress, and Governmental Support." These companies will operate business within free zones, leveraging the advantages of smooth procedures and full customs and tax exemptions. Heiba noted that the total area available for administrative and operational startup headquarters is approximately 9,000 square meters. The CEO said the authority aims to attract investments from companies operating in the field of software exports and AI applications, while ensuring the presence of institutions that support startups, such as consulting, marketing, and legal services firms. The GAFI secured a fast track for entrepreneurs to establish and operate their companies. The electronic incorporation of a one-person company takes only two hours. Also, entrepreneurs will receive premium VIP service at investor service centers without any additional fees. Furthermore, the CEO addressed the authority's coordination with the European Union (EU), Saudi Arabia, and Morocco to facilitate the expansion of Egyptian companies in these markets without facing the challenges of double taxation or any protectionist policies. He also affirmed the administrative and promotional support to Egyptian companies in these markets, particularly in the initial phases following market entry, in addition to attracting new investments from these markets. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
