Number of new companies up 50% post new Investment Act issue

CAIRO – 21 November 2017: The new companies established in Egypt since issuing the new investment act has increased by 50 percent, Chairman of Egyptian General Authority for Investment Mona Zobaa told MENA on Thursday.

The Egyptian parliament approved in October a new investment law No. 72 of 2017 after adding a string of modifications to the old act.

The law included tax exemptions advantages to investors, up to 70 percent of the project’s investment costs.

The new act came as the government is working to increase its foreign direct investments (FDI), which strongly decreased after the January 25 Revolution. The Investment Ministry noted in August in an official statement that it targets FDIs at a value of $10 billion by the end of the current fiscal year (FY) 2017/2018.