The latest BNC Network report shows that Egypt construction industry is booming with 1,400 active construction projects worth $348.2bn currently underway in the country.
The report dubbed “Urban construction in Egypt” that has been released ahead of The Big 5 Construct Egypt expo shows that the country recorded a 10%growth last year bucking the country’s national annual growth of 5.3% over the past four years.
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.
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,” says Josine Heijmans, portfolio director of The Big 5 Construct Egypt.
With regards to the big 5 construct Egypt expo,it aims at connecting traders from the middle east and north Africa region the construction trade fair is originating from Dubai.
According to trade Arabia, Egypt’s GDP growth is steady and inflation is declining hence tourism and remittances are on the rise and foreign reserves are increasing.