More than 80 per cent decline in capital issued for new companies in Egypt

Last week saw an 80 per cent decline in issued capital for new companies in comparison to the week before, show Investment Authority figures

The total issued capital for newly established companies declined to LE239 million in the period from 17-21 July; compared to LE1.23 billion in the week before, recording a significant cut of around 80.9 per cent show Investment Authority figures.
Last week saw the establishment of 146 new companies, compared to 138 companies established in the week before, according to data from the General Authority for Investment (GAFI).
Around 86 per cent of capital invested was Egyptian; the rest was roughly divided equally between Arab and non-Arab investors at 5 and 8.5 per cent, respectively.
The new companies were estimated to generate some 1529 job opportunities. New jobs created were highly dominated by "traditionally male occupations", at 70 per cent. Traditionally female occupations only comprised 7 per cent of the new jobs.
Of the companies established, 53 are in the service sector, 25 manufacturing, 7 communications, 4 tourism and 1 in construction.