Egypt: 15 Percent Increase in Newly-Established Companies in June 2020

Egypt: 15 Percent Increase in Newly-Established Companies in June 2020

Published July 15th, 2020 - 08:30 GMT











Highlights





The number of companies and installations established amounted to 1,672 compared to 1,449 in 2019.







The General Authority for Investment and Free Zones (GAFI) has seen a 15.4 percent increase in the rate of newly-established firms in Egypt during June 2020, compared with the same month of 2019.

In a press statement, a copy of which was obtained by Asharq Al-Awsat, GAFI said June has seen a remarkable increase in the indicators of establishing companies at its affiliated investors service centers.

The number of companies and installations established amounted to 1,672 compared to 1,449 in 2019.

According to the statement, this surge was reflected on the increase in the companies' total exported capital.

"Their capital export reached about EGP7.9 billion in June, attaining an increase of 71.7 percent compared to EGP4.6 billion in June 2019.“

The Egyptians' contributions to the newly-established companies' capital export in June reached around 98.8 percent of the total exported capital.

GAFI had previously launched the "electronic company incorporation“ service through the Authority's e-portal to activate its digital transformation system, facilitate procedures for investors and implement all their demands to accelerate all establishment procedures.

It has also sought