Egypt sees 30.8% YoY jump in newly established firms in Q1: IDSC

PHOTO

The number of new companies established in Egypt during the first quarter (Q1) of 2024 rose by 30.8% year on year (YoY) to a total of 11,003 firms, compared to 8,412 firms, according to the quarterly Investment Trends of Egypt’s report by the Information and Decision Support Center (IDSC).

The report also showed that 82.32% of these new companies were set up in Cairo, Giza, Alexandria, Sharqiya, and Qalubiya.

In addition, the total value of capital flows increased by 28.57% YoY to $2.03 billion in Q1 2024, versus $1.579 billion.

Total capital inflows from foreign countries declined by 37.75% in the January-March period this year to $228.98 million, down from $367.84 million over the same period a year ago.

Meanwhile, 82.35% of the capital flows were concentrated in Cairo, Giza, Alexandria, Sohag, and Menofia.