325 new companies established this week: Investment Ministry

CAIRO – 14 April, 2017: Ministry of Investment reported late Thursday that 325 new companies have been established during this week, with an average of 65 companies per day.

Investment Minister Sahar Nasr has intensified efforts to promote Egypt's economic reform program aimed at restoring macroeconomic stability and improving business environment and competitiveness.

Total issued capital of the newly registered firms worth EGP585.5 million ($32.22 million), providing 1631 jobs, 578 of which are handicraft jobs, the ministry said in its - weekly report.

“Local capital amounts to EGP540.7 million, while Arab and foreign contributions recorded EGP36.6 million and EGP8.1 million, respectively.

The new companies are working in various sectors including, agriculture, industry, tourism, services, construction and information technology.

During the course of this week, the ministry has also approved the allocation of three land plots with total space of 7.1 acres and total value worth EGP29.1 million.
Egypt’s economy has been hit by political turmoil and security concerns since the January 25 Revolution in 2011 and the government has embarked on an ambitious reform program to restore confidence in the economy and lure new investments.

The reforms included free- floating the pound, applying a value added tax and slashing fuel subsidies.