50 new Kuwaiti companies launched in Egypt in 2015 – GAFI

Egypt is witnessing a remarkable increase in the number of newly-founded Kuwaiti firms since the beginning of 2015, a recent report by the investment authority GAFI said.

Around 50 Kuwaiti companies with capitals estimated at US$638.34 million have been established in Egypt during the first seven months of 2015. Meanwhile, in 2014, 52 Kuwaiti companies with capitals of US$524 million were founded in Egypt.

According to the General Authority for Investment and Free Zones (GAFI)’s latest statistics, there were 20 Kuwaiti firms founded with issued capitals worth US$5.78 million in the service sector, with Kuwaiti contributions worth US$1 million.

In addition, there were 13 Kuwaiti firms newly founded in Egypt in the construction sector, with issued capitals of US$295.30 million, in which the Kuwaiti contributions amounted to US$193.58 million.

For the industrial sector, seven Kuwaiti companies had been founded with issued capitals of US$210.19 million and Kuwaiti contributions of US$14.50 million.

Five agricultural Kuwaiti firms were founded with issued capitals worth US$7.69 million and Kuwaiti contributions amounting to US$2.60 million.  In addition, there were three Kuwaiti companies working in the information technology sector had been launched with issued capitals worth US$13,000.