2,400 SMEs exited Egypt construction businesses this year

Around 2,400 small and medium-sized Egyptian firms have exited the construction businesses during the current year, said head of the country’s construction federation (EFCBC) on Saturday.

The firms cited growing economic challenges and slowness in solving construction sector-related troubles, Hassan Abdel Aziz further said.

There are around 30,000 companies still operating in the local market, despite building materials prices hikes in addition to the high costs of implementing various projects in the country, Abdel Aziz added.

In 2012, Abdel Aziz further said the federation had successively convinced large numbers of construction firms to retreat exiting decisions and operate in the country, where main focus is on investing in infrastructure and other major flagships.