Egypt continues to be one of the few Projects, markets in the Middle East and North Africa (MENA) region to have continued to grow over the past three years during a period of lower oil prices. This thanks mainly to strong population growth, recent gas finds, and a government firmly focused on infrastructure investment.
Nonetheless, the country like every other has been hard hit by Covid-19. Contract awards for the first half of the year were less than a third of the total for 2019 as a whole (although only just below the six month total for the same period last year). Therefore, there will have to be a considerable increase in contract awards in the third and fourth quarters if Egypt is to match last year’s total.
Much will hinge on continuing fast-track development of the new administrative capital and other new cities like El Alamein as well as the necessary transport and utilities investments required to service them. Naturally, much will also depend on the ultimate economic and human impact of the coronavirus pandemic, at least in the short term.
Looking further ahead, the outlook for the local Projects, market is optimistic. Chinese investment will play a key role, but foreign investment in general will be central to success of the market going forward. This is in turn will require political and currency stability and a continuing commitment from the government to ensure Egypt remains attractive and open to foreign investment.
Written by MEED, the Middle East market experts within the GlobalData Group, "Egypt Projects, H2 2020", is the update to this year’s H1 report. Focused on data, it is aimed at helping companies create strategies for targeting and growing the market.
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- Long term Projects, market forecast
- Summary and lists of future project opportunities
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