2,956 investment companies approved in five months

As many as 2,956 investment companies have been approved by the General Authority for Investment and Free Zones (GAFI) over the first five months of this year at a total capital of LE 8.5 billion compared to 1,197 companies in the same period last year.

GAFI chairman Zyad Bahaa Eddin, at a press conference yesterday, said measures that included tax breaks with grace periods of up to 20 years together with simplification of measurers required to get approval for setting up an investment company helped in this regard.