Egypt’s construction sector set for a multiyear boom despite inflation and currency challenges

Egypt’s construction sector set for a multiyear boom despite inflation and currency challenges

Egypt’s construction sector is set for a multiyear boom despite inflation and the depreciating currency, industry experts said.

“The construction sector boom will continue for not less than 10-15 years,” said Marwan Farid, Strategic Planning & Business Development Director, DMC – CURVE Landscape while speaking at an event organised by Ventures Onsite.

“The Egyptian construction industry is expected to grow 12.3 percent to reach 472 billion Egyptian pounds ($23.98billion) this year with expectations to reach 620.9 billion pounds ($31.55 billion) by 2026,” said Phillip Higgins, Director of Sales Lead Management, Ventures Onsite.

The construction sector recovery is driven by heavy investments in the residential and infrastructure sectors and industrial zones, he said adding that increased private investment and the adoption of public private partnership (PPP) financing frameworks will further drive the momentum.

“The Egyptian government announced plans to implement 45 major national and strategic infrastructure projects in the coming financial year including 10 traverse accesses on the Nile, completion of 1,000 kilometres of railway development and 47 new train stations,” Higgins said.

Commenting on other growth drivers, Mohamed Maarouf El-Khouly, Senior Director - Commercial, Business Development and Supporting Sectors, Sabbour Consulting added: “Egypt will adopt a new general health insurance system which has been tested