Egypt’s construction sector valued at $348bn
The Egyptian construction sector has live projects valued at $348bn according to a report ahead of The Big 5 Construct Egypt Expo.
More than 1,400 active construction projects in Egypt worth $348.2 billion in Egypt, the country is going through a phase of economic prosperity across all sectors with the construction sector undergoing something of a boon with a 10% growth eclipsing the 5.3% average annual growth over the previous four years, stated the report by BNC.
The report detailed that over 68% of projects, with a combined value of $142 billion are in their advanced stages of development, while an estimated $178.4 worth of projects are in their early stages highlighting the projected growth of construction in Egypt.
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The majority of the project investments are in the urban construction sector are residential/commercial buildings and mega urban developments valued at $90.5 billion and covering 79% of all project values in the urban construction sector.
The hospitality industry plays a major role as well, comprising 86 active projects with an estimated value of $8 billion, making up 13% of all project values in the urban construction sector.
Commenting on the event, Josine Heijmans, the portfolio director of The Big 5 Construct Egypt, said: “The steps taken by the Egyptian government since 2016, especially the launch of the reform programme, have been very encouraging and set the stage for a new era.”