Investments in Egypt's construction sector hit LE600B annually : Deputy Housing Minister

CAIRO - 26 June 2022: Volume of investments in the Egyptian construction sector reached LE 600 billion annually both from the government and the private sector, according to Deputy Minister of Housing, Utilities & Urban Communities, Khaled Abbas.

 

This came during the inauguration of the fourth edition of The Big 5 Construct Egypt exhibition, where the event witnessed the participation of the Egyptian Armed Forces Engineering for the first time this year, hosting five of its subsidiaries: Ramec Misr, Ghosoon, Konooz Misr,  Egydrill Misr, Makers (Misr Applied Knowledge Enterprise for Research & Science).

 

Chief of staff of the Engineering Authority of the Armed Forces, Major General Hesham El Swefy and Engineer Khaled Abbas, Deputy Minister of Housing, Utilities & Urban Communities officially inaugurated The Big 5 Construct Egypt exhibition, visiting exhibitors and the Authority's pavilion.

 

The exhibition aims to bring together the investment and infrastructure communities, promote innovation dialogue and develop new partnerships. 

 

“The participation of 20 countries and 250 companies in the exhibition reflects the expansion and development of the Egyptian market over the past six years, and reveals upcoming opportunities in the urban development happening in the country,” Abbas added commenting on the 30 percent growth in international participation of the exhibition year on year, with exhibiting companies from over 20 countries and three new country pavilions from Poland, Qatar and Spain.

 

“We are now working on the implementation of the strategic plan developed by the State for Urban Development 2052, which aims to double the urban area from 7 percent to 14 percent in 2030. In 2022 we reached nearly 14 percent in full at all levels,” he added.

 

According to Abbas, the number of new cities doubled in the last period; in 2014 they were 27 and over the last six years 16 new cities were established through the decision of His Excellency the President of the Republic and there will be more decisions  to create new cities in the coming period”.

 

Abbas also shed light on the opportunities that exist in the Egyptian market for Egyptian companies as well as foreign and Arab companies, not only export opportunities to Egypt but opportunities to establish factories and be present in the local market.

 

 He discussed the big challenge Egypt faces with a population that is increasing by around 2.5 million citizens each year and highlighted the challenge that requires a head start in development rates to accommodate this population growth.