Chinese-owned Nile Textile Group factory in Port Said. Weekly figures show Egyptians are now making the biggest investments in new firms (Photo: AFP)
Egypt saw 161 new companies established in the week to 22 September, generating an estimated 2,038 jobs, according to figures from the General Investment Authority.
Total capital invested was LE187 million, a rise of some 42 per cent on the previous week which saw LE132 million invested in 131 new enterprises.
Practically all the new capital this week -- 98.7 per cent -- was Egyptian.
The sectors that show the most benefit were services, with 55 new companies, and amorphous 'other activities', which saw 67 new enterprises. Nine firms joined Egypt's troubled tourism sector.
The new companies were distributed across all governorates, with Cairo — Egypt’s business, commercial and financial centre — seeing 66 new enterprises. Neighbouring Giza saw 42.
Alexandria saw 120 new companies, the most established in one location, but total injected capital was just LE1.55 million.
Some 53 per cent of jobs created last week were technical, 28 per cent were administrative and 6 per cent were in tourism.
Investment in Egypt has plunged in the wake of the January revolution, triggering the country's hardest economic slowdown in 10 years with the annual growth rate sliding to just 1.8 per cent.
Divestment of foreign assets let to a net outflow of $65 million in foreign direct investment for the first half of 2011, according to Central Bank of Egypt figures.