Fitch Solutions’ BMI Research expected Egypt’s construction sector to grow by 9% on an annual basis within 2020 and 2024, in spite of the slowdown due to the current pandemic in the short term, Invest-Gate reports.

Despite lower than formerly expected to grow by 9.7% annually, Egypt’s construction sector is awaited to keep growing by 9%, and an expected growth rate of 7.5% in 2020, said Osama El Gohary, the head of the cabinet’s Information and Decision Support Center (IDSC), noting that the value of the construction sector is estimated to grow by threefold to record USD 89 bn from USD 25 bn within the same period.

The report, summed and reviewed by the IDSC, assumed the sector to be the largest in the whole region by 2029, currently seizing the fourth rank; driven by a relative improvement in the short-term political and operational risks in Egypt.

Upon these forecasts, Fitch refers many of them to public-private-partnership strategies that enhanced transparency in tenders and spilled over the investors’ confidence in the Egyptian market, in addition to the increasing green sustainable building projects compared to its counterparts in the region.