Orascom Construction PLC has announced the commencement of commercial operations for 306 MW at the expanded 650 MW 25-year Build-Own-Operate (BOO) wind farm in Ras Ghareb.

El Zahy Group, a local player in the construction sector, has signed a syndicated loan agreement worth EGP 4.2 billion with the National Bank of Egypt (NBE), Banque Misr, and QNB Egypt.

Knauf Egypt, a leader in modern construction systems and solutions, has formed a strategic partnership with Hassan Allam Construction, one of Egypt and the Middle East's largest construction companies.

Egypt’s Ministry of Housing, Utilities, and Urban Communities has canceled the planning and construction requirements issued in March 2021, reverting to the provisions of Building Law No. 119 of 2008.

The New Urban Communities Authority (NUCA) has signed a cooperation protocol with ZeroCarbon to recycle construction and demolition waste in new cities, as per a statement.

Madinet Masr has signed a memorandum of understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company to execute the construction works of Sarai mixed-use project, with total investments exceeding EGP 1 billion.

The construction sector in Egypt is expected to see a compounded annual growth rate (CAGR) of over 8% until 2029, according to the latest Egypt Construction Market Intelligence Report from JLL.

The Egyptian government has assigned the construction works of the light electric train’s (LRT) third phase to an Egyptian-Chinese consortium for $550 million.

MODAD Engineering and Construction Company, a leading company of MODAD Group, has succeeded in achieving a breakthrough in the construction industry through the integration of digital transformation mechanisms across all its operations.

The construction and infrastructure works of the Ras El-Hekma project will kick off before the end of 2024, Minister of Housing, Utilities, and Urban Communities, Assem Al-Gazzar said.

The Egyptian cabinet has approved a draft decision offering a 25% reduction of total reconciliation fees, in case of immediate payment for reconciliation over construction violations.

BMI Research, a Fitch Solutions company, expects the construction sector in Egypt to grow by 7.5% year on year (YoY) in the current fiscal year (FY) 2023/2024.

The Administrative Capital for Urban Development (ACUD) will embark on constructing the second phase of the New Administrative Capital (NAC) in early 2025 at a cost of EGP 240 billion.

Egypt’s construction and building sector is considered an engine for the economic growth of the country. The Egyptian government has set a strategic plan for urban development to be achieved by 2052. Under this plan, 44 new cities will be established across Egypt with an annual budget of $850 million. Currently, 24 new cities are under construction.

Prefabricated Buildings Development Industrial Co., a 100%-owned subsidiary by Industrial Engineering Company for Construction and Development (ICON), has penned a SAR 40 million contract to establish a factory in Tabuk, Saudi Arabia.

The expansion of the construction and real estate sector in Egypt depends on several factors including the continuous growth of the population, which exceeded 100 million. Add to this, the fact that real estate has been the preferred investment asset and is considered a safe haven for Egyptians to maintain the value of their savings against various economic crises. In this Factsheet, Arab Finance explains the importance of real estate activities in Egypt, how these activities attract foreign investments to the country, and the potential role of real estate exports in collecting foreign currency.

Egyptian construction firm Societe Egyptienne D’entreprises (S.E.D.E), a subsidiary of the Holding Company for Construction and Development, has executed a water supply project worth EGP 8.4 billion in Oman.

Under the signed MoU, the construction works of the two projects, namely The Arena Mall and Cavana, will be carried out at a value of more than EGP 500 million. The MoU was signed by Abdallah Sallam, President and CEO of MNHD, and Alaa Abdelaziz, President and CEO of CONSTEC.