855 Firms Founded in Egypt During March, Highest Since 2005

855 new companies were founded in Egypt during March 2014, highest in 9 years, according to Trade, Industry & Investment Minister Mounir Fakhry Abdel Nour.

The newly-founded companies throughout March were with capitals totalling 1.549 billion Egyptian pounds, the minister noted on Saturday.

Moreover, Abdel Nour said the new 9-year record reflects the positive and promising investment climate in Egypt despite the ongoing turbulence.

On condition of restoring political stability, the Egyptian minister expects an increase in the volume of upcoming investments in Egypt.

The minister further pointed out that Egyptian investors contribute with 91.2% out of the 855 firms’ total capitals; while Arabs seize 6.3% and non-Arab foreigners capture 2.5%.