Construction sector spending in Egypt to soar to USD 7.3 billion by 2015
Spending in Egypt’s construction sector is expected to increase to USD 7.3 billion by 2015, according to Collaboration, Management and Control Solutions (CMCS), a leading provider of Project Portfolio Management solutions in the region. The continuous influx of foreign investments into the country combined with the many government-initiated development programs that have focused on developing healthcare facilities and infrastructure are also expected to further bolster Egypt’s economic development. Aiming to capitalize on this expected surge in growth, CMCS has announced the recent opening of offices in Cairo and Alexandria, a strategic move that will give the country’s project-based companies increased access to project management services and solutions.
The country’s residential construction segment will increase to USD 606 million in 2015. The increase is due to many key factors such as higher disposable incomes, development of new residential areas, and the implementation of new government policies to help create a stronger housing finance system for the country. Meanwhile, the country’s non-residential construction segment is also expected to increase to USD 6.7 billion in 2015. The introduction of investment-friendly government policies and the move for more infrastructure development is expected to encourage more spending in this segment.
Bassam Samman, CEO and Founder, CMCS, said, “These are very exciting times for Egypt’s project driven industries, particularly the construction segment. The government’s efforts to introduce investment-friendly policies and incentives, and the focus on developing basic infrastructure have led to an overwhelming increase in foreign investment projects. The increasing number of residential and non-residential construction projects further validates Egypt’s strategic position as a gateway to the North African and Libyan Markets. The opening of our two new offices in Cairo and Alexandria will not only allow us to expand our presence in Egypt and the rest of the North African region but will also give project based companies greater access to our products and services.”
Egypt, which had a GDP growth of 4.5 per cent in 2009, received a stimulus package of USD 2.7 billion from the government in 2009, favoring infrastructure projects and export subsidies, and is also likely to get an additional stimulus spending this year to mitigate the slowdown in economic growth.
“CMCS lauds the Egyptian government for its constant efforts in making the country an ideal investment venue. To help reinforce its efforts, CMCS is affirming its support by introducing project portfolio management solutions to Egypt’s growing number of organizations. The adoption of a project management based system will allow these organizations to be at the peak of their performance and encourage more growth and productivity for the sectors they represent,” added Samman.
CMCS is an award-winning project portfolio management solutions provider for the region’s project-based businesses. It is an authorized representative of Oracle Primavera’s line of Enterprise Project Portfolio Management Applications in the Middle East, as well as Hard Dollar, Deltek, EcoSys, ADePT, eTimeMachine, and Synchro. It is also a registered education provider for the Project Management Institute, the Association for the Advancement of Cost Engineering, the Construction Specifications Institute, and the International Institute of Business Analysis.
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