588 new companies founded in Ramadan: GAFI
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CAIRO: The month of Ramadan has so far witnessed the founding 588 new companies with the daily average rate of 31 daily, Head of General Authority for Investment and Free Zones (GAFI) Hassan Fahmy said Thursday.

He added that last Tuesday has witnessed founding the biggest number of companies that reached 45 companies, Youm7 reported.

Fahmy said 475 companies were established in Investors Service Assembly in Cairo, 50 companies were established in Alexandria’s assembly, 15 companies in Ismailia assembly, 19 companies in 10th of Ramadan City and 29 companies in Asyut.

The total issued capital of the new companies amounted at 713 million EGP. The issued capital is divided into Egyptian capital that represents 89.5 percent, Arabian capital that represents 8.6 percent and foreign capital that represents 1.9 percent.

Fahmy said Thursday that these new companies will provide 4215 new job opportunities for Egyptians, Ahram Gate reported.

Deputy Head of GAFI Alaa Omar said that nine of the new companies belong to the agricultural field, 95 companies belong to the industrial field, eight belong to the touristic field, 185 belong to the services field, nine companies belong to communication and IT and 19 companies are affiliated with construction.

Former president Adly Mansour issued an investment law April 22 which received widespread criticism on grounds that only an elected parliament may issue such a decision and that it “protects investors at the expense of citizens.”

The presidential decree immunizes government contracts with investors against third party litigation.

“We see this law as a legalization of corruption, waste of public funds and a gift for businessmen of the Mubarak era,” Director of the Arab Center for Integrity and Transparency (ACIT) Shehata Mohamed told The Cairo Post April 29.

Additional reporting by Abdel Haleem Salem.

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