Construction and building sector in Egypt have been applauded for its support in the growth of the country’s economy.
According to Wael Ziada Head of Research at EFG Hermes the industry has remained the key driver of the recovering economy that was recording a downfall in the past few years that was caused by political turmoil.
Ziada who was speaking during the first session of the Cityscape Egypt real estate exhibition in Cairo added that the country is expecting a steady growth in the economy that will surpass pre-2011 levels that recorded 7%.
He added that currently there are a lot of investement contracts being signed by both the government and the private sector and that will see the county register a growth rate of about 4.5% during the current fiscal year (FY) 2015/2016.
He said the various exhibitions and events being held in Egypt have made the dream come true and seeing a lot of construction contractors get into the country to get the share of the fastest growing country in Africa.
Ziada described the government’s announcement that it is able to attract about $10bn in foreign direct investments as exaggerated. It did not achieve more than approximately $6.4bn during FY 2014/2015.
He called upon the government to lure investors and make sure they get the clear answer to why why they are doing changes in various ministries .
Ziada said that during the last period, the total investments in the real estate sector registered EGP 250bn, 45% of which was for the governmental sector.
Construction and building sector in Egypt is currently experiencing exponential growth with major companies such as Arabtek winning major construction contracts.
