730 new Firms Founded in Egypt during May – GAFI

Around 730 new companies have been established in Egypt, according to the latest report released by the Egyptian General Authority for Investment and Free Zones (GAFI) on Monday.

Meanwhile, May 2013 had witnessed the inception of 823 firms.

The report added the issued capitals of the new companies have totalled EGP 1.3 billion.

Moreover, the Financial Services excluding Banks sector has captured the lion’s share, registering 321 new companies established during May. The Industrial sector ranked second, with total number of companies founded in May amounting to 177. Coming third, the Construction and Building Materials sector witnessed the launch of 100 new companies during this month.

Fourthly, around 64 new companies founded in May were in sector of Telecommunications and IT. In Tourism sector, there were about 36 new companies launched in May.

At the bottom of the list, the Agriculture sector reported the inception of 32 new companies in May.