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FINANCIAL NEWS
Report: Construction spending in Egypt to hit $7.3b
21 Feb 2006
(MENAFN) A report issued by Egypt’s Collaboration, Management and Control Solutions (CMCS), showed that the value of spending in Egypt’s construction sector is expected to soar to $7.3 billion by 2015, Reuters reported.
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, the report said.
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 $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.
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