Egypt new capital, 4th stage of new cities to stimulate construction over medium term
Egypt’s new capital and the fourth stage of new cities are expected to catalyse construction sector over the medium term, Oxford Business Group (OBG) said in a new report released on Monday.
The new cities are being established in Cairo, Giza, Dakahliya, Beheira, Port Said, Matrouh, North Sinai, Beni Suef, Minya, Assiut, Qena, Luxor, and Aswan.
A shift towards private sector-led growth gives established companies a critical role to play in infrastructure development, demonstrating that flexible corporate reaction to the crisis and the lack of significant delays to ongoing projects suggest a quicker recovery based on stronger employment figures and a sooner-than-expected boost in consumer spending.
The intensive investment in energy and transport infrastructure is paving the way for export-focused industrial expansion and the development of new urban centres, the report added.
Egypt’s economic reform programme and the favourable demographic growth, which had put it in a strong position prior to the crisis and allowed it to cope by taking the needed measures to alleviate the impact of the pandemic while boosting growth at the same time.
It also highlighted Egypt’s role in Africa, saying the country will continue to strengthen its ties to the continent and play a leadership role in the development of trade and industry in coordination with the African Union (AU).