The Ministry of Investment and International Cooperation (MIIC) said that local private investment recorded a 58% Y-o-Y increase in new investments to reach EGP2.4bn. The total number of new and expanded companies increased by 56% Y-o-Y in July to reach 1,605 companies (1,356  incorporated + 249 expanded). The capital of new and expanded companies rose by 25.2% Y-o-Y to EGP5.4bn in July. The paid up capital of newly established companies increased by 160% Y-o-Y to EGP502mn, while that of expanded companies increased by 57% Y-o-Y to EGP1.9bn. The services sector topped incorporated companies, with 505 companies established in July 2017 marking 37.2% Y-o-Y, then the industrial sector with 344 companies recording 32% Y-o-Y, followed by construction, agriculture, communications and tourism sectors respectively. The newly established companies are expected to create about 8,500 job opportunities in July compared to 4.800 job opportunities in June, according to the ministry.