GAFI: 1,741 firms formed in Egypt during March

Egypt’s General Authority for Investment and Free Zones (GAFI) said Thursday there are 1.741 new firms established in the country during May, with investments totalling 3.6 billion Egyptian pounds ($198.8 million).

In GAFI’s monthly report about the newly-formed firms, 1,048 were built according to Law No.8 of 1997 (60.2 percent), followed by 693 were found according to Law No. 159 of 1981 (39.8 percent).

About the firms’ Egyptian capital, it captures 3.2 billion pounds out of the total capital, representing 89.4 percent.

Arab capital is estimated at 294 million pounds with a 8.1 percent, while the foreign capital is worth 89 million pounds, representing 2.5 percent.

According to the sectoral distribution, the number of industrial firms reached 596 (34.2 percent), followed by 563 firms with multidisciplinary activities (32.3 percent).

There are 420 service firms representing 24.1 percent; 72 construction firms (4.1 percent); 53 firms in the field of communication and information technology (three percent); 24 agricultural firms (1.4 percent); and 12 tourism firms (0.7 percent).

About the companies operating nationwide, there are 1,715 representing 98.5percent of the total companies founded in March, with a capital of 3.6 billion pounds.

In specific territories,  26 companies (1.5 percent)  are working with capital of ten million pounds operate, including eight firms (30.8 percent) in Upper Egypt and South Valley with a capital of 2.4 million pounds.

In addition, the country’s 26 firms involve two companies (7.7 percent) in the East Delta with capital worth 5.1 million pounds, six firms (23.1 percent) in the Greater Cairo worth 600,000 pounds.

These firms also comprise four (15.4 percent) in the Suez Canal zone and Sinai Peninsula with a capital of 900.000 pounds and six others (23.1 percent) in the West Delta with capital worth 1.3 million.