The construction industry is one of the key industries of Egypt, contributing 7% to the country’s GDP. Although it has shown slow growth in the past few years, Egypt construction industry research indicates that several new construction projects in the pipeline, including new refinery building projects, residential developments coupled with increasing levels of urbanization is set to revamp the industry and thus foster growth, both in the sector as well as in the overall economy.
This report: Construction in Egypt - Key Trends and Opportunities to 2018 provides detailed market analysis, information and insights into the Egyptian construction industry. The report discusses the prevalent market conditions and highlights the key trends driving the market, throwing light on the speculated market outlook.
Egypt’s construction industry has grown significantly over the last few years, sustained by the increasing demand from several other industries. Being home to the largest oil refinery centre in Africa, the construction industry in Egypt is supported by various refinery building projects. Egypt construction market research highlights that the residential construction market is also one of the key factors that has propelled the growth of the overall construction industry. Being one of the most populated countries in Africa, rising urbanization has driven the demand for new housing. This trend is expected to continue as Egypt’s population is projected to rise even further, in the coming years. Inspite of several factors driving the industry, political and social turbulence, weakening conditions of the economy and high unemployment rates are some of the factors that have significantly slowed down the otherwise stellar growth prospects.
Challenges in the market
Shortage of raw materials, an indefinite political environment, frequent price changes, excessive government control are some of the main challenges that are faced by this industry. Rising inflation rates and devaluation of the local currency have also thwarted the growth of the industry significantly over the last few years.
As the government plans to increase the production of products like petrochemicals, higher octane gasoline, new facilities and projects are expected to come in which would require the support of the construction industry. The combined processing capacity is also anticipated to reach 600,000 barrels per day by 2016 from a current capacity of 975000 barrels per day, supported by the construction of several new centers which in turn, is expected to sustain the building construction category. Additionally, the rising trend of urbanization is further expected to drive the growth of the construction industry, propelling the market forward.
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