Egypt’s construction sector has more than 1,400 active projects that have been valued at US$348 billion, according to a report by BNC Network ahead of The Big 5 Construct Egypt Expo.
The North African nation is experiencing a widespread period of prosperity, with the construction industry at the forefront of this economic growth, registering 10% average annual growth last year.
The report, titled Urban Construction in Egypt, found that last year’s growth in the construction sector was close to double the 5.3% average annual growth recorded in the previous four years.
Over 68% of the 1,400 projects, worth a collective $142 billion, are in the advanced stages of development, while an estimated $178.4 billion worth of projects are in the early stages.
Notable projects currently in the pipeline include the $3.8 billion Mountain View iCity in New Cairo and the $3.7 billion Citadel Refinery in Cairo.
Josine Heijmans, 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.”