Egypt 3rd largest projects market in MENA

Egypt 3rd largest projects market in MENA

CAIRO - 7 June 2021: Egypt was the third largest projects market in the MENA region, with about $14.9 billion worth of contract awards in 2020, according to data revealed during the launch of The Big 5 Construct Egypt which will take place on June 26 - 29. This data comes in Egypt Project Market Outlook: 2021, in partnership with Meed Projects and supported by Egypt's Ministry of Housing and The Big 5 Construct Egypt. It noted that between 2016 and 2020, a total of $91.2 billion contracts were awarded, with an annual average of $18.4 billion. "The largest single sector has historically been construction followed by power and transport,“ it added, stating that the market hit its peak in 2018 with $26.2bn worth of contracts awarded. As for the impact of coronavirus on the market, it noted that the impact of Covid-19 pandemic and low oil prices resulted in a 2.3 per cent decline in 2020 but on the whole, the projects market maintained the momentum. Regarding current figures, it clarified that there are currently about $435.9 billion worth of projects planned or under way in Egypt, making it the third largest in the MENA region. "The largest current