Egypt sees 185 new companies in last week, offering 3,700 jobs

Ahram Online, Saturday 15 Oct 2011

Official figures show a strong rise on the previous week, as Egyptian investors focus on the services sector

Small-scale industry
A man works at a small pottery factory in Cairo March 6, 2011. (Photo: Reuters)

Egypt saw 185 new companies established in the last week, creating almost 3,700 jobs, says data from the General Authority For Investment.

Total founding capital for the new firms was LE195.988 million (US$32.98m), with 94 per cent of it coming from Egyptian investors.

Around a third of the new firms were in the services sector, with manufacturing and nebulous 'varied activities' also making up large proportions.

Most were local small and medium-scale businesses, with Sohag and Alexandria the cities seeing the most significant new enterprises.

Arab investors put in 4.4 per cent of total capital, with those from other nations supplying just 2 per cent.

The figures showed a strong rise on those released last Saturday, which announced 113 new firms and around 1,000 jobs in the 1 to 8 October period.

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