Number of new Egyptian firms continues steady rise

Figures from investment authority show a further climb in the number of companies established over the last week

The number of companies established in Egypt climbed to 155 this week, up from 148 the week before, according to data from the General Authority for Investment (GAFI).
Issued capital also climbed, reaching LE224 million (US$37.7m), while a total of 2,833 job opportunities were created.
88.2 per cent of invested capital was Egyptian; the remainder split between non-Egyptian Arabs (4.5 per cent) and other foreigners (7.3 per cent).
Of the 155 new firms, 45 are in the services sector, 48 miscellaneous activities, 39 manufacturing and 9 in IT and telecommunications.
Data from the first week in June saw 140 companies established, although issued capital was higher at LE243 million. The number of new firms has been trending upwards for several weeks.