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Egypt Plans $7.3b Construction Spending by 2015
DUBAI — The carpets and flooring market gets long-term boost as Egypt eyes to push the construction spending to $7.3 billion by 2015.
DOMOTEX Middle East 2009, scheduled next month in Dubai, prepares to address the expected rise in demand for carpets and flooring products and services in Egypt
DOMOTEX, the dedicated carpets and floor coverings exhibition in the MENA region, announced that aggressive construction spending in Egypt, which has been estimated to increase at a compound annual growth rate, or CAGR, of 3.9 per cent from 2005 to 2015 and ultimately reach a value of $7.3 billion, will help boost demand for carpets and floor covering products and services in the country.
The exhibition will be held in the emirate from May 17 to 19, which offers a platform to transact and identify new business opportunities for suppliers and buyers from Egypt and other key growth markets in the region.
According to DOMOTEX, Egypt’s non-residential construction expenditure will particularly have a strong impact on the region’s carpets and floor coverings sector as Egypt pushes forward with new hotel and office development projects, which are the top markets for carpets and flooring products and services.
Non-residential construction spending has been projected to increase at a CAGR of four per cent within a 10-year period and will touch $6.7 billion in 2015 from $4.6 billion in 2005.
“Construction remains an important contributor to Egypt’s national economy and with the country being a major tourist attraction and an economic hub,” said Angela Schaschen, Managing Director of Deutsche Messe Dubai Branch.
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