1,000 new firms to be established

During the first half of this year, the Companies Department, affiliated with the Egyptian Ministry of Economy, established a record high for attracting investments. It agreed on the establishment of 1,000 investment companies according to Act No. 159 (1981), with a total investment of L.E 19.4 billion.

The companies will operate in the fields of industry, contracting, trade, tourism, services, agriculture and banking; 330 companies will be limited with total investments of LE 49 million, the Ministry Economy's First Deputy, Ahmed Fouad Atta, said.

He pointed out that recently Egypt has witnessed a large influx of Arab and foreign investors. Investments have reached LE 50,853,00, of which LE 25,657,000 were Arab investments.