Egypt riding high with $348bn in projects
BNC Network's latest report ‘Urban Construction in Egypt’ found the country's construction sector grew 10% in 2017
Egypt’s construction sector shows no signs of slowing down with 1,400 active construction projects worth $348.2bn currently underway in the country, according to a new report ahead of The Big 5 Construct Egypt expo.
According to BNC Network's latest report ‘Urban Construction in Egypt’, as cited by Trade Arabia, Egypt’s construction market recorded a 10% growth last year, bucking the country’s national average annual growth figure of 5.3% seen over the previous four years.
Moreover, 68% of the projects – totaling a combined value of $142bn – are in the advantaged stages of development, the report noted.
An estimated $178.4bn worth of projects, according to BNC, are also in their early stages “highlighting the projected growth of construction in Egypt”.
Notable projects out of a total $348bn currently in the pipeline in Egypt include the $3.8bn Mountain View iCity in New Cairo and the $3.7bn Citadel Refinery in Cairo.
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.
According to Trade Arabia, Josine Heijmans, portfolio director of The Big 5 Construct Egypt, said: "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.”
The Big 5 Construct Egypt is supported by the Egyptian Federation for Construction and Building Contractors (EFCBC), the African Federation for Construction Contractors Associations (AFCCA), the Egyptian Chamber of Building Material, and the Arab Water Council.
Some of the largest industry players have partnered up with the event – including the international Underwriters Laboratories (UL), the Saudi-based Al Bawani Company, the Egyptian companies Sphinx Glass, Ezzsteel, Kandil Steel and Al Sherif Group.