Sunday, February 11, 2018 — With more than USD 335 billion worth of active projects, the Egyptian building sector is on an upward trajectory.
A new investment law passed recently in Egypt is expected to ease business opportunities in the country, further boosting its construction industry, which already recorded a 6.7% year-on-year growth in 2016.
Cutting down bureaucracy and providing incentives to both Egyptian and foreign investors, the new Egyptian investment law offers residence permits to foreign investors, the right to repatriate profits, directly import raw materials and equipment, as well export the investment projects’ products without registering at the Exporters Registry.
What’s more, it sets out an advantageous fiscal policy. Not only will investors be exempted from notarization fees: a flat rate unified custom duty of 2% only will be applied, along with a tax reduction up to 80% of the paid-in capital at the start of the project in Egypt for seven years.
Josine Heijmans, Portfolio Event Director at dmg events, said: “72% of all project investments in North Africa are already taking place in Egypt.
“The new investment law, along with major projects like the USD 3.5 billion worth Cairo Metro Line, will further reinforce Egypt’s position as a leading hub for the construction industry in the African continent and the broader Middle East region.
“We expect demand for construction products and materials to grow steadily in Egypt in the coming years,” she added.
Catering to the needs of the Egyptian and North African building communities, leading event organiser dmg events Middle East, Asia & Africa is bringing its most successful construction exhibition – The Big 5 - to Cairo.
Running from 18 to 21 September 2018 at the Egypt International Exhibition Center, The Big 5 Construct Egypt will showcase thousands of innovative products and solutions for the built environment, gathering hundreds of local and international suppliers under one roof.
The event will feature six dedicated product sectors: PMV, MEP Services, Building Interiors & Finishes, Building Envelope & Special Construction, Construction Tools & Building Materials, and Construction Technology & Innovation. Free educational sessions will also be offered at the show, where regional industry experts will present CPD-accredited workshops on the construction sector's hottest topics.
To know more about The Big 5 Construct Egypt 2018, visit www.thebig5constructegypt.com.