Growth in issued capital for new companies in Egypt

Marking a significant climb in issued capital over the week before, 149 new companies were established last week, according to data from the General Authority for Investment (GAFI). These new companies created 2,130 jobs and the issued capital reached LE243 million this week, a growth of 32 per cent over the week before, which witnessed the establishment of 140 companies. Eighty seven per cent of capital invested was Egyptian; the rest was almost equally divided between Arabs and foreigners at 6 and 7 per cent, respectively. Of the 149 companies established, 51 are in the service sector, 23 industry, 7 tourism, 4 communications and 2 in construction. The remaining are general activities companies.