431 firms established in Egypt’s tourism sector in 16 months – GAFI

Around 431firms have been established in tourism sector with investments worth more than 5.9 billion Egyptian pounds (US$664 million) from January 2015 to April 2016.

According to a report released by Egyptian General Authority For Investment and Free Zones (GAFI) Monday, Cairo governorate seized lion’s share of the newly-launched firms with 197 companies whose investments estimated at more than 3 billion pounds.

Following Cairo, Red Sea ranked the second as 66 firms have been founded in it with investments of 1.7 billion pounds.

The report added that 78 firms have been established in Giza governorate with investments worth 648.8 million pounds, then Alexandria that witnessed the launch of 38 firms with investments estimated at 193.75 million, and Suez governorate with three companies with investments of 121 million pounds.