News Egypt’s FDI accelerates construction activity 9 Annual Construction Review 2024 | www.technicalreviewmiddleeast.com Egypt is the third largest project market in the MENA region. As the largest project market in Africa and the third largest in the Middle East and North Africa (MENA), the construction industry in Egypt is slated for consistent value growth until the end of the decade, according to JLL’s latest Egypt Construction Market Intelligence Report. Based on insights gathered from industry sources and experts, the report affirms that despite prevailing national and global economic challenges, Egypt holds a share of US$515bn (12%) of the total pipeline value of unawarded projects in the wider MENA region, which is projected to reach US$3.9tn. Taking up the third position in the MENA after Saudi Arabia and the UAE, Egypt’s residential projects make up around US$36bn of this share while mixed-use projects in the country account for US$115bn. Egypt’s government has been accelerating efforts to address macroeconomic pressures to stabilise both market volatility and devaluation of the local currency, stated the JLL report. Ahead of the currency liberation, Egypt secured its largest-ever Foreign Direct Investment (FDI) deal, injecting US$24bn into the market and offsetting US$11bn of debt through a local currency payout for the Ras El Hekma deal with the UAE. These financial injections are expected to ease the country’s economic burdens and position Egypt as an appealing destination for future investments, said the report.