Egypt’s total annual construction, real estate investments hit $12 billion

Egyptian Housing Ministry’s total annual investments in construction and real estate investment sector approached 200 billion Egyptian pounds ($12 billion), deputy housing minister said on Monday.

Deputy Housing Minister for National Projects Khaled Abbas made the remarks during a preparatory conference for the country’s largest construction event “The Big 5 Construct” that will take place on 2th-4th September.

Construction and real estate investment is one of the most important sectors that contributed to 18 percent of the local economic growth during the last year, Abbas added.

“This rate (18 percent) is expected to reach 20 percent at the end of the current financial year,” he said.

Also, the housing ministry’s total investments in other four sectors approached 130 billion pounds during the current financial year 2019/2020, Abbas said.

The ministry pumped the 130 billion pounds into executing a number of housing and utilities projects as well as other works in the new cities, besides developing slums nationwide, he concluded.