PROJECT: Cairo Festival City LOCATION: New Cairo VALUE: LE30bn ($1.7bn) DEVELOPER: Al Futtaim Real Estate Group DESCRIPTION: Spanning over 3m sq metres of land, Cairo Festival City is a mixed-use urban community that includes shopping, residential and office space.
What role have large-scale infrastructure projects played in building knowledge and capacity in the construction sector?
Although the devaluation of the Egyptian pound in late 2016 pushed inflation upwards, strong longterm economic fundamentals have maintained interest in the real estate sector. On the other side of the spectrum, real estate developers have been able to adapt their offers to the new needs of Egyptian buyers, and have progressed with ongoing...
One of Egypt’s biggest challenges is the lack of adequate housing for its rapidly growing population. Two key issues are perpetuating this: the insufficient volume of affordable housing units for lower-income residents; and the increased presence of informal or self-built units in most major cities. Paradoxically, real estate continues to be a...
Several years of instability have brought difficulties for Egypt’s economy, although the impact has varied across sectors. However, the country is experiencing a recovery, with the IMF estimating that GDP will increase by 5.5% in 2019, up from 5.3% in 2018.
The construction industry is poised to remain one of the most dynamic sectors of the economy. This has been apparent in an increase in the number of large-scale projects involving transport, energy, utilities and urban development. This ongoing burst of construction activity is part of an effort to address infrastructure gaps, and improve Egypt’s standing among domestic and international...
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