1,784 new companies established in May with issued capital of EGP 4.3bn: Investment Ministry

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The Ministry of Investment and International Cooperation said that the number of new companies increased by 7% to reach 1,784 companies in May 2018, compared to 1,637 companies in May 2017.
The ministry noted that the issued capital of companies increased in May by 106% to reach EGP 4.36bn, compared to EGP 2.1bn during May 2017. Meanwhile, the paid capital increased by 131% to reach EGP 565m, compared to EGP 245m in May 2017.
The services sector came in first place with 58.8% with 1,028 companies, followed by industry sectors with 440 companies, agriculture with 110 companies, communications with 84 companies, construction with 71 companies, and tourism with 15 companies, according to the ministry.
The ministry further noted that Cairo topped the governorates in the establishment of companies by 50.2%, followed by Giza, Alexandria, Qaliubiya and Sharqiya; it is expected that the new companies would provide about 600,400 jobs.
The ministry said that the first half of fiscal year 2017-2018 witnessed an increase in the volume of private investments by 54% to reach EGP 184.4bn compared to the first half of last year, which amounted to EGP 119.9bn.
The total implemented investments increased during the first half of the current fiscal year to reach EGP 342.8bn, compared to EGP 231bn during the last fiscal year.

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