Egypt is going through a phase of economic prosperity across the board, particularly in the construction sector, with over 1,400 construction projects being implemented with investments valued at USD 348.2 bn, Invest-Gate reports.
The country’s construction market recorded 10% growth in 2017 compared to the global average annual growth rate of 5.3% over the previous four years, according to BNC’s “Urban Construction in Egypt” report by The Big 5 Construct Egypt.
More than 68% of projects, with a total value of USD 142 bn, are in the advanced stages of development while an estimated USD 178.4 bn of projects are in their early stages, reflecting the growth of construction sector in Egypt.
Most investments in the urban construction sector are residential/commercial buildings and mega-urban developments valued at USD 90.5 bn, making up 79% of all project values in the urban construction sector, the report adds.
“The steps taken by the Egyptian government since 2016, especially the launch of the reform program, have been very encouraging and set the stage for a new era. Egypt’s GDP growth is steady, inflation is declining, tourism and remittances are on the rise and foreign reserves are increasing. All of that and more are driving the economy in general, and the construction market specifically towards new frontiers,” Portfolio Director of The Big 5 Josine Heijmans is quoted as saying.
The positive figures complement the upcoming “The Big 5 Construct Egypt” expo – a series of construction trade fairs originating in Dubai aimed at connecting international suppliers of construction products and services with buyers from the Middle East and North Africa (MENA) region.
The event is free to attend, offering 360-degree solutions for the Egyptian building sector and connecting industry experts, buyers, and manufacturers of construction products from all over the world.
The Big 5 Construct Egypt will host 15 country pavilions such as Germany, Italy, and Spain. Greece has also secured a prominent spot and is the official country partner for the launch edition of the event, which will be held at the Egypt International Exhibition Centre (EIEC) from 18 to 21 September.