Construction federation says 14,000 companies got out of service due to lack of work

Egyptian Federation for Construction and Building Contractors CEO Hassan abdel Aziz has highlighted importance of the sector to achieve economic and social peace, as it has financial and technical capabilities.

In his speech at the opening session of the first forum of “Builders of Egypt..Construction Strategy and launching toward future”, abdel Aziz said that projects declared by President Abdel Fattah al-Sisi including the new Suez Canal, the national roads plan, housing units development plan of the northern coast and the logistic city of grains all confirm that a revolution of construction has started seeking development.

The forum, according to abdel Aziz, will focus on confronting challenges against the sector, solutions for problems chances of investment, ability to carry out national projects proposed by Sisi. He added this will attract more Arab and foreign investments to boost economy. The forum will also clarify role of the sector’s companies in development in accordance with the government’s plans.

All economic sectors were affected over the past few years, which made around 14,000 construction companies get out of service due to lack of work, delay in disbursement of dues as well as other challenges, he said.

Meanwhile, Ahmed Seif, chief of the UAE Contractors’ Association, said it’s time to take advantage of the Emirati experience gained over 40 years.

In his speech, Seif said that UAE over the past years took advantage from the Egyptian experiences in education institutions and construction. He stressed that cooperation among Arab countries should not include economic aspects only, but all of the fields.

Edited translation from Al-Masry Al-Youm

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