Egypt’s Construction Investments to Reach USD 7.3 billion by 2015

Cairo, Egypt | April 21, 2010 by D-8 Secretariat

Construction accounts for around 8 per cent of the total employment in Egypt, with about 100 different industries linked to the sector

Egypt’s rapidly growing building and construction sector is expected to attract investments of around USD 7.3 billion by 2015. The sector continues to uplift related industries such as cement, iron, furniture and electricity and has emerged as one of the country’s top revenue generators. Non-residential construction will continue to dominate the industry and comprise up to USD 6.7 billion, with residential projects to account for USD 606 million.

Construction accounts for around 8 per cent of the total employment in Egypt, with about 100 different industries linked to the sector. The local construction workforce of around 1.2 million is currently the largest in the Middle East. With its population growing at 1.9 per cent a year, Egypt is set to augment local housing construction even further. This, combined with government initiatives to enhance housing finance and higher disposable incomes, will continue to build up the residential segment.

This year’s edition of Next Move, the largest real estate investment and finance exhibition in Egypt, will focus on attracting more foreign investments to balance the growth of residential and non-residential developments in the country. The trade show will take place from April 28 to May 1, 2010 at the Cairo International Convention and Exhibition Centre.

“For the past two decades Egypt’s construction sector has been constantly expanding to support domestic housing, infrastructure and industrial development. Even during the recession, construction activities continued to gather pace, and as the world prepares for recovery more foreign companies and investors have been expressing interest in exploring Egypt’s robust construction market. This year’s Next Move comes at a time when local industry is set to gain higher levels of productivity, which is why interested parties should not miss out on the opportunities it will reveal,” said Ahmed Ghozzi, Chairman, ACG-ITF.

Next Move’s inaugural run in 2008 featured Egyptian projects collectively valued at more than USD 25 billion, proving the country’s growing worth as a real estate business and investment destination. Last year’s edition welcomed 40 exhibitors and 20,000 visitors to 16,000 sqm of exhibition space. The 2010 show will have a larger 25,000 sqm area and will once again be jointly organized by ACG-ITF, the largest exhibition organizer in Egypt, and Lead Marketing Solutions, a leading global company in project marketing.

News Source: Al Bawaba (www.albawaba.com)

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