Egypt’s exports of building materials increased 7.1% year on year (YoY) in 2022, Ahmed Samir, Minister of Trade and Industry, said on the sidelines of the inauguration of Egypt Projects and Windorex exhibition.

Exports of the building materials industry amounted to nearly $6.9 billion last year, up from $6.5 billion in 2021, Samir stated.

The exhibition is being held from May 6th to 8th at the Egypt International Exhibition Center.

Last month, Fitch Solutions predicted that the Egyptian construction industry will increase by 6.8% year on year, followed by average annual growth of 7.4% between 2024 and 2027. This was published in their Egypt Infrastructure report.

The construction industry is also one of the most important sectors driving the average annual economic growth rate to reach 4% over the next three years, Standard & Poor reported.

Egypt’s real estate and hospitality industries are expected to experience growth, boosted by a revived privatization program and a weaker EGP according to the latest quarterly report from global real estate consultancy JLL.

JLL also reported that 4,000 residential units were added during the January-March period, bringing the total stock to 249,000, with an additional 29,000 new units expected by the end of the year increasing construction activities in Egypt. However, project delays and fewer launches may occur due to hikes in construction costs.