Egypt sees $17m injected in new enterprises, creating 1,536 jobs

Ahram Online, Saturday 19 Nov 2011

Total capital injected in new enterprises reached LE103 million ($17.1 million) last week, with 94 per cent coming from Egyptian investors

Egyptian companies
Another wave of companies created in Egypt (Photo: Reuters)

Egypt saw 119 new companies established in the week ending 17 November, creating around 1,536 jobs, according to data from the General Authority for Investment.

Total capital injected reached LE103 million ($17.1 million), with 94 per cent coming from Egyptian investors and the rest divided between Arabs and non-Arab foreigners.

The number of new companies dropped below the previous week, which saw 161 one new companies. Injected capital dropped 50 per cent from $201 million in the week ending 10 November.

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

The Alexandria governorate saw the largest number of businesses established, with around LE15.1 million ($2.5mn) in capital injected in new enterprises during the week. Sohag and Minya, both Upper Egypt governorates, also saw significant activity.

As for jobs created, it is estimated that 32 per cent are administrative, 37 per cent crafts and 14 per cent engineering.

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