While Egypt continues to face considerable economic challenges as it confronts the legacy of its recent political history, at the outset of 2017 the nation’s economic planners have reason for optimism.
Egypt Construction
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Located at a crossroads between Africa, Asia and Europe, Egypt remains one of the world’s most strategically important countries, as it has been for millennia. Egypt has the third-largest GDP in the Arab world, after oil-rich Saudi Arabia and the UAE. It is considerably more diversified than many economies in the region, with manufacturing and agriculture key contributors, making up 14.5% and 15.7% of GDP, respectively, according to the Central Bank of Egypt, as well as oil and gas extraction.
Construction is soon to begin on the first phase of a long-awaited government plan in Egypt to develop one million new homes, adding to a building boom and infrastructure projects already under way across the country to spur economic growth.
Articles & Analysis | Amnesty proposed for registration and repairs on unlicensed housing from The Report: Egypt 2014
A tried and tested solution to many breaches of the law throughout the world is to legalise the activity – and then tax it. This is the approach the Egyptian authorities have considered towards the issue of illegal construction. A draft law put forward in August 2014 will permit an amnesty period of six months in an attempt to tackle a problem that has existed for decades, but...
Interviews & Viewpoints | OBG talks to Iyad Malas, CEO, Majid Al Futtaim Holding from The Report: Egypt 2014
Articles & Analysis | Mega-projects abound as a nation rebuilds itself from The Report: Egypt 2014
Like many sectors in the country, construction has had more than its fair share of challenges in recent years. Yet in spite of the downside risks, the prospects for the building industry have not been brighter for decades. As Ayman Tolba, the chairman and CEO of Leena Real Estate, told OBG, “Egypt’s young and growing population can support strong growth in the construction of...