786 new firms formed in September with $225mn-investments: Egypt’s GAFI

The number of the new firms that have been founded in Egypt during September 2016 hit 786 with total investments of 2 billion Egyptian pounds (US$225 million).

In its monthly report about the newly-formed companies, the Egyptian General Authority for Investment (GAFI) declared that 400 firms were incepted according to Law No.159 of 1981 (50.9 percent) while 386 companies were founded according to Law No. 8 of 1997 (49.1 percent).

The Egyptian capitals captured 1.85 billion pounds of the total capitals of the newly-formed firms (92.9 percent), while the Arab capitals were estimated at 121.2 million pounds (6.1 percent).

The foreign capitals represented 1 percent of the total capitals of the new companies with 20.1 million pounds, the report stated.