GAFI: LE188 M Invested To Establish 204 Companies In Egypt

Approximately EGP 188m weas invested to establish 204 companies in the second week of February, the General Authority for Investment and Free Zones (GAFI) reported.

From the invested amount, EGP 175m were Egyptian investments, EGP 9.8m were investments from Arab countries and the rest (EGP 3.3m) were foreign investments.

In the first week of February, 195 companies were also established.

One company is operating in the agriculture sector, two in tourism, four in telecommunications, 27 in the industry sector and 69 in the service sector among  others.

The companies are located in different governorates across Egypt, including Cairo, Alexandria and Ismailia.

Earlier in September 2014, (GAFI) Chairman Hassan Fahmy revealed that the number of companies established during the first three quarters of the fiscal year (FY) 2013-2014 was 4,500. The number of companies founded in 2014 is around 9101.

Local companies established during the first three quarters of FY 2013/2014 represented 80% of the total, with the remaining 20% being foreign.

Source: Daily News Egypt