Almost 32.5K companies founded in Egypt in FY2022/23

Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba stated Tuesday that 32,447 companies were founded in Egypt in FY2022/2023 compared to 30,961 companies in FY2021/2022.

Heiba's statements came during the Egyptian-Qatari Investment Forum where Qatari Minister of Mohamed Bin Hamad Bin Qassem El Abdallah Al Thani stated that Qatari investments in Egypt had recorded $5.5 billion.

The GAFI chairman highlighted that, in the past nine years, there was a major leap in the modernization of infrastructure and legislations as the goal was increasing the country's economic competitiveness, attracting new investments, and incentivizing existing businesses to expand.

As a result, 1,555 companies injected more financing into expansion in the past fiscal year. Also, the flow of foreign investment exceeded $10 billion.