1,741 new companies established in March: official report

1,741 new companies established in March: official report

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Thu, 20/04/2017 - 11:19
The General Authority for Investment and Free Zones announced that 1,741 new companies were established in March with a total investment of LE3.6 billion.
 
According to the GAIF's periodic report on new companies, 1,048 companies, or 60.2 percent of the total established companies in March, were established in accordance with Law No. 8 of 1997.
 
The report added that 693 companies, equal to 39.8 percent, were established in accordance with Law No. 159 of 1981.
 
The total Egyptian capital used in establishing these companies was equal to LE3.2 billion, representing 89.4 percent of the total capital. 
 
An estimated LE294 million in Arab capital was used for these new companies, representing 8.1 percent of the total capital, and foreign capital was estimated at LE89 million, representing 2.5 percent of the total capital.
 
The new companies involved in industrial activity registered 596 companies, representing 34.2 percent of the total established companies. The number of companies with multiple activities was 563 companies at 32.3 percent, and the number of companies involved in service activities recorded 420 companies, making up to 24.1 percent of the total number of companies. 
 
Construction companies numbered 72, representing 4.1 percent. Companies in the field of communications and information technology numbered 53, equal to 3 percent, agricultural companies recorded 29, or 1.4 percent, and only 12 companies in the field of tourism were established in March, representing 0.7 percent.
 
According to the report, 1,715 companies are operating with a capital of LE3.6 billion, equal to 98.5 percent of the total capital used to establish companies in March.
 
 
 
Edited translation from Al-Masry Al-Youm