Saudi Arabia ‘guest of honor’ at Builders of Egypt Forum 2023
The Organising Committee of the Builders of Egypt Forum announced on Wednesday that the Kingdom of Saudi Arabia will be the Guest of Honour for the eighth edition of the event, taking place be on May 28.
Recognised as the largest event ever of mega importance for key construction, building materials, and contracting players in Egypt, Africa, and the Arab world, the eighth edition will be held under the auspices of Egyptian Prime Minister Moustafa Madbouly.
Under the rubric Egypt’s Propitious Momentum towards Construction Sector Exportation Regionally, the Eighth Edition is co-organised by the African Federation for Construction Contractors’ Association (AFCCA) and Exlnt Communications, an affiliate to United Media Services (UMS).
Choosing Saudi Arabia as this Edition’s guest of honour, the Forum aims to showcase new opportunities for Egyptian construction companies to take part in ongoing development projects in the kingdom. Saudi Arabia owns a tremendous business volume worth around $170 billion in various infrastructure areas as part of an ambitious plan to launch a bunch of giant development projects. The Saudi Contractors Authority (SCA) is taking part in the Forum for the first time as its president Zakaria Al-Abdul Qader will be a key speaker.
Another reason the Forum’s Organising Committee has mentioned was that the Saudi Contracting Organization is currently the president of the Federation of Contractors from Islamic Countries (FOCIC), which was revived by its 26-member countries after remaining defunct for 10 years. The new Statutes of the FOCIC aim at enabling the Arab companies operating in the construction field to capture larger shares in projects launched by the Islamic Development Bank (IsDB).
Foreign companies are still having wider hegemony over the IsDB-launched projects, owning a 70 percent share, compared with a 30 percent share for Arab counterparts.
This edition will include B2B panel discussions, involving construction companies and private and public entities from Africa and the Arab world, notably Saudi Arabia, with the aim of starting constructive talks for new investments and entering new markets.
Acting as a gateway for new overseas partnerships, Builders of Egypt 2023 aims to promote the Egyptian construction industry as a guaranteed partner of success in Saudi Arabia’s development scheme, and encourage stronger economic bonds between the two countries eventually.
It will also address the development and reconstruction roadmap for Africa, offering various opportunities for Egyptian construction and building materials firms to take part and have overseas presence.
The Forum will tackle the ongoing challenges the construction and reconstruction sectors face in the shadow of the current global economic and financial uncertainties that led to witnessing worldwide abrupt, bold, and strong fiscal policies. It is set to address the powerful impact of these policies had on global economy in general and on the emerging markets’ sustainable development plans in particular.
This Edition continues to create an organisational and financial framework to mobilise efforts of public and private-sector construction and real estate companies, create a supportive climate for the Egyptian construction sector exportation to African and Arab markets, and hedge against ongoing uncertainties.
Held annually since 2014, the Builders of Egypt has been the most popular destination for the construction, building materials, and contracting industries and +100 related economic sectors.