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Number of new Egyptian companies doubles in a week: Investment Authority Figures show 118 new companies were established in the week 4-8 September, with one in every six in the industrial sector and one in every four in services
Egypt saw 118 new companies established in the week to 8 September, nearly double the figure of the week before, according to a weekly bulletin from the General Investment Authority. A total of LE128 million (US$21.5 million) in capital was injected into the new enterprises, more than 95 per cent of from Egyptian sources. Only 10 companies were established in Greater Cairo, the rest being distributed across other parts of the country. The services sector saw the lion's share of fresh investments with 49 new companies created, followed by 20 new industrial firms. The newly established companies will provide 1,409 job opportunities, the investment authority said, 44 per cent on them in technical capacities. Investment in Egypt has plunged in the wake of the revolution, triggering the country's hardest economic slowdown in 10 years with the annual growth rate sliding to just 1.8 per cent. Divestment of foreign assets let to a net outflow of $65 million in foreign direct investment for the first half of 2011, according to Central Bank of Egypt figures.
