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Egypt sees 1,784 new firms in May

Egypt sees 1,784 new firms in May
Nearly 1,784 companies were established in May 2018

Cairo – Mubasher: The number of new firms in Egypt rose by 7% year-on-year during last May, data by the Egyptian investment ministry showed.

Nearly 1,784 companies were established in May, compared to 1,637 companies in the same month a year earlier, the ministry highlighted in a statement on Thursday.

The companies’ issued capital surged by 106% to EGP 4.36 billion last month, as compared with EGP 2.1 billion in May 2017.

Meanwhile, paid-up capital soared by 131% to EGP 565 million in May, versus EGP 245 million in the same month last year.

The services sector came in the first spot in terms of the number of newly established firms last May with 1,028 companies, followed by the industrial sector with 440 firms, the agricultural sector with 110 firms, and the communications sector with 84 firms.

Moreover, approximately 71 companies were set up in the engineering and construction sector and 15 firms in the tourism sector, according to the ministry’s monthly bulletin.

Cairo topped Egypt’s governorates by 50.2% for having the largest number of new companies last May, followed by Giza, Alexandria, Qalyubia, and Sharqia.

These recently established firms are projected to provide about 6,400 jobs.