Gulf oil producers are expected to pump more investments into Egypt to tap growing opportunities in tourism, housing and other sectors, the country’s top contractor was reported on Monday as saying.

Hisham Yusri, Secretary General of Egypt’s Contractors’ Federation, told the Arabic language daily Addustour that capital flow from the six-nation Gulf Cooperation Council (GCC) would give a big push to Egypt’s key sectors, mainly construction, tourism, housing, roads, industry and health.

“GCC investments in Egypt are expected to grow….these will cover various sectors and will be channeled into projects in partnership with Egyptian contractors,” he said.

Yusri said he expected a surge in demand for housing projects mainly due to a steady population growth and economic upturn.

“Any new investments in those projects will require expansion in electricity supply facilities and more renewable energy projects…these will also benefit Egyptian contractors,” he added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.