Cairo – Mubasher: The Egyptian cabinet said that Fitch Ratings expects the construction and building sector in the most populous Arab nation to continue its robust growth over the next decade.
Between 2020 and 2024, the construction sector is forecast to grow by an annual average of 9%, according to a cabinet statement on Thursday.
By 2029, the North African nation is projected to become the largest construction and building market in the MENA region, after currently being at the second place, following the UAE.
In 2020, Egypt’s construction sector is seen to be expanding by 7.5%, down from Fitch's previous expectation of 9.7% before the coronavirus (COVID-19) outbreak.
Currently, the country's construction and building industry is valued at $25 billion, with forecasts to rise to more than $89 billion by 2029, accounting for 30% of the total expected value of the construction sector in the region.