Egypt sees 20% jump in new construction firms, $35.8b FDI: GAFI

The number of newly established construction companies in Egypt rose 20 per cent in 2024 to 2,856 from 2,375 a year earlier, the General Authority for Investment and Free Zones (GAFI) said on Tuesday, highlighting stronger investor confidence in the sector.

GAFI Chief Executive Hossam Heiba told a real estate conference in Cairo that the construction sector accounted for the largest share of foreign direct investment (FDI) inflows in the 2023/24 fiscal year, drawing about 76 per cent of net FDI, or $35.756 billion, largely driven by the Ras El Hekma development deal.

Heiba said GAFI was working to refine investment policies, expand incentives, and boost competitiveness in the construction industry, which he described as a key driver of Egypt’s national economy.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser