Construction industry analysts have said that spending on construction sector in Egypt should top $7.3 billion by the end of this 2015, with much of that earmarked for non-residential projects like the expansion of the Suez Canal and developing 75,000 square kilometers (30,000 square miles) of land along the strategic waterway’s route for industry and infrastructure.
The increase in expenditure in the construction and infrastructure has been backed by the construction of the Suez Canal Zone, the New Capital City and a string of other large-scale construction projects.
In the recent Egypt Economic Development Conference that was held in March, additional mega-projects were announced, such as plans for the construction of new Egyptian capital city projected to cost up to $70 billion.
According to the Minister of housing in Egypt Mostafa Madbouly the country has some programmes to construct more housing project that will see the country have enough housing facilities for all its citizens.
He also added that though currently there has been delay in some housing projects his ministry is looking forward to see the projects kicks off as scheduled.
While these government-sponsored projects are underway, at the same time, private sector investment is pouring into factories, office blocks and major shopping centers that are springing up across the country, all of which will create jobs for Egypt’s burgeoning youth demographic now and for many decades to come.
The construction sector in Egypt is one of the booming in Africa especially the building of houses in the wake of a fast rising population.
