370 new firms founded over past week: Investment Ministry

CAIRO – 21 May 2017: As many as 370 new firms were founded over the past week, at a rate of 74 companies per day with a total capital of 580.4 million EGP ($32 million), the Ministry of Investment and International Cooperation said in its Thursday weekly report.

These firms provide up to 2,049 job opportunities for youth, including 688 in crafts, it added.

The capital used in establishing them includes 540.3 million EGP from Egyptian investors and 33.8 million EGP and 6.3 million EGP from Arab and foreign investors respectively.

The report further revealed that the companies will be operating in agriculture, industry, tourism, construction works and providing services to the public in addition to information technology.