The General Authority for Investment (GAFI) reported on Saturday that the number of newly founded companies in December rose 27 per cent compared to November, reaching 576 companies worth LE758 million [$126.3 million] with an average of 27 new companies per day.

Most of these companies are to be found in the service sector with 244 companies, followed by 178 companies for multi-activities sector.

In the sectors of industry, communication and tourism, 91, 23 and 13 new companies were established respectively.

The agricultural sector saw only seven new companies.

The new companies which, according to GAFI will save about 6400 jobs,  are distributed throughout Egypt’s governorates. The highest concentration are in the Cairo metropolitan area (Cairo, Giza, Qalioubiya) with 38 companies, followed by Alexandria with 18 companies, and Upper Egypt's governorates (Fayoum, Beni Suef, Minya, Sohag, Qena, Aswan) with 23 companies.