Cairo – Mubasher: The number of companies which were established as well as those which saw expansions surged 56% year-on-year in July 2017, with total investments reaching EGP 2.4 billion, Egypt’s Ministry of Investment and International Cooperation said in a statement on Thursday.

The total number of firms rose to 1,605 in July 2017, from 1,026 in July 2016, the statement indicated.

The issued capital of these companies increased 25.2% reaching EGP 5.4 billion in July 2017, compared to EGP 4.3 billion in the same month of the year before, the ministry added, noting that paid-up capital soared 160% to EGP 502 million, from EGP 193 million.

Year-on-year, domestic investments levelled up 58% to reach EGP 2.4 billion.

The services sector acquired 37% of the firms established in July 2017 with 505 companies, while the industrial sector acquired 32% of the total establishments with 434 firms.

The companies which were established in July 2017 are expected to provide about 8,500 job opportunities, according to the statement.

On a side note, the ministry's statement indicated that in terms of foreign direct investment (FDI) inflows, Egypt ranked second in the Arab region with 27% after inflows increased to $6.6 billion from July to March in fiscal year 2016/2017, from $5.9 billion during the corresponding period in FY15/16.