Egypt sees 114 new companies in last week, creating 1,200 jobs

Ahram Online, Saturday 10 Dec 2011

Official figures show new firms focusing on services and manufacturing, with over half of jobs classed as semi-skilled

Egypt jobs
Semi-skilled tradesmen jobs are the major gainers this week (Photo: Reuters)

Egypt saw 114 new companies established over the last week, creating 1,235 jobs, data from the country's General Authority For Investment showed on Saturday.

Total founding capital for the new firms was LE132 million (US$21.985 million), with 89 per cent of it coming from Egyptian investors.
Almost half of the new firms -- 51 from 114 -- were in the services sector, with 'other activities' and manufacturing also making up sizeable proportions. Just three new companies were added to Egypt's troubled tourism sector.
Some 54 per cent of the new job opportunities were classed as at least semi-skilled and technical in nature, while 28 per cent were administrative.
Egyptians weren't the week's only investors; Arabs put in 6.7 per cent of the total capital raised, with from other nations supplying 4.3 per cent.
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