GAFI says establishment of new companies index hiked in June over 15%

The index of establishing companies hiked in June this year 15.4 percent compared to June 2019, according to Executive Director of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab

Abdel Wahab added that 1,672 companies had been established in June compared to 1,449 companies in the same period in 2019.

The total capital of the new companies, established in June, hit 7.9 billion Egyptian pounds, with an increase of 71.7% compared to June 2019, Abdel Wahab noted.

The services sector has the lion’s share of the newly-established companies with a percentage of 49%, followed by the industrial sector (26%), and the construction sector (14%).

The Egyptians’ share in the capital of the newly-established companies reached 98.8%, he added.

GAFI director said that he decided to form a working group, tasked with following up and assessing the companies’ performances.