Amwal Al Ghad English - 2015-12-05 11:03:09
Egypt's construction industry is witnessing a significant revival. The value of project accomplished by private sector firms has reached around 31.3 billion Egyptian pounds (US$4 billion) by the end of 2014, compared to 25.7 billion pounds in the same period a year earlier.
Hany Al-Assal, Chairman of Egypt-based leading property developer Misr Italia, told Albayan newspaper that construction and building sector in Egypt is considered to be one of the most profitable and active businesses nowadays. This sector strongly supports Egypt’s economic situation, Al-Assal believed.
According to Business Monitor’s latest report, Egypt's construction industry is expected to grow eight per cent in real terms in 2016 after an estimated 9.8 per cent in 2015. The strong government support for PPPs (public private partnerships) and the growing infrastructure project pipeline in the country reinforce our positive outlook for Egypt's construction industry in 2016, the report added.
Moreover, according to the Annual Bulletin for Building and Construction (Private Sector), the total value of residential buildings in Egypt is estimated at 7808 million pounds in 2014 versus 6927 million Egyptian pounds in 2013, marking an increase of 12.2 per cent.
Private sector firms have implemented water networks and stations with total investments of 569 million pounds in 2014, compared to 309 million pounds in 2013, with an increase of 84.1 per cent.
On the other hand, a recent report by the financial service company Premiere Securities revealed that real estate and construction sectors in Egypt have grown 420 per cent during the past ten years, out of which 95 per cent the private sector has contributed to. More»