Home / Residential and commercial property in Egypt / Construction sector spending in Egypt to soar to $7.3 bln by 2015

Construction sector spending in Egypt to soar to $7.3 bln by 2015

Egypt - ideal investment venue
Region: Egypt
Created: May 03, 2010, modified: Jan 13, 2012, overall rating: 0.000
 
The continuous influx of foreign investments into the country combined with the many government-initiated development programs that have focused on developing healthcare facilities and infrastructure are also expected to further bolster Egypt's economic development. Aiming to capitalize on this expected surge in growth, CMCS has announced the recent opening of offices in Cairo and Alexandria, a strategic move that will give the country's project-based companies increased access to project management services and solutions. 

The country's residential construction segment will increase to USD 606 million in 2015. The increase is due to many key factors such as higher disposable incomes, development of new residential areas, and the implementation of new government policies to help create a stronger housing finance system for the country. Meanwhile, the country's non-residential construction segment is also expected to increase to USD 6.7 billion in 2015. The introduction of investment-friendly government policies and the move for more infrastructure development is expected to encourage more spending in this segment.

Egypt, which had a GDP growth of 4.5 per cent in 2009, received a stimulus package of USD 2.7 billion from the government in 2009, favoring infrastructure projects and export subsidies, and is also likely to get an additional stimulus spending this year to mitigate the slowdown in economic growth.The Egyptian government for its constant efforts in making the country an ideal investment venue.

Global Arab Network

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