2014-04-02 12:06:02 - Egypt Infrastructure Report Q1 2014 - a new market research report on companiesandmarkets.com
As we anticipated, Egypt´s construction industry has gained momentum in FY2013 with official figures reporting 5.9% real growth (our forecast indicated 5%). However, we are more cautious as for FY2014 when we anticipate slower growth of 3.6%, partly as a result of base effect and partly due to deterioration in the country´s business environment. Despite high demand for investment in infrastructure, the government´s capacity to fund projects is limited and Egypt continues to be highly dependent upon loans and financial assistance from allies and neighbouring countries. We highlight the need for foreign investment to boost construction industry growth, although expect that investors will remain wary given Egypt´s uncertain political outlook.
Egypt´s heightened political risk has particularly affected the inflow of foreign
direct investment (FDI), where we have seen a rapid decrease since FY2009, with a contraction in inward FDI of 0.7% year on year (y-o-y) reported in 2011. We are more optimistic over the next 10 years, when we expect to see the Egyptian economy increasingly modernise, with the private sector taking a more dominant role and FDI recover.
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