(MENAFN - Daily News Egypt) The General Authority for Investment (GAFI) announced that it has established 1,741 new companies with total investments of EGP 3.6bn in March.
The GAFI report said that about 60.2% of the new companies, equivalent to 1,048, were ranked in the first class in accordance with Law No. 8 for 1997. The second class included 693 companies which were established in accordance with Law No. 159 for 1981.
The capital of these companies is divided into three sections: the Egyptian capital of EGP 3.2bn, representing 89.4% of the total capital; the Arab capital of EGP 294m, representing 8.1%; and the foreign capital of EGP 89m, representing 2.5%.
The number of companies operating in the industrial sector amounted to 596, representing 34.2% of the total companies, while multi-activity companis were 563, representing 32.3%. There were also 420 companies working in the services sector, 72 in construction, 53 in communications and information technology, 24 in agriculture, and only 12 in tourism.
About 98.5% of the total companies were established in the Cairo governorate, while only 26 companies, representing 1.5%, were established in other governorates with a capital of EGP 10m. They include eightcompanies in Upper #Egypt with a capital of EGP 2.4m; two in the East Delta with a capital of EGP 5.1m; six in the other governorates of Greater Cairo (excluding Cairo) with a capital of EGP 600,000; four in the Suez Canal area and the Sinai Peninsula with a capital of EGP 900,000; and six in the West Delta with a capital of EGP 1.3m.