Eng. Sami Saad

The volume of business of the contracting sector 800 billion pounds annually in Egypt

Eng. Mohamed Sami Saad, Chairman of the Egyptian Federation for Construction and Construction Contractors, confirmed that the volume of business of the contracting sector in the real estate sector is not less than 800 billion pounds, explaining that the state has launched many new cities, which led to an increase in the sector's business volume.

He added during the press conference that the federation aims to enable contractors to double the amount of liquidity in order to counter rising prices and prevent the obstruction of the movement of companies operating in the domestic market, affecting the overall economic growth indicators of the country.

He added that contracting companies face problems in the indicators for calculating price items for construction materials adopted by the Central Agency for Public Mobilization and Statistics, which do not reflect the real prices of building materials in the market.

He referred to the request of the Central Agency for Public Mobilization and Statistics to increase the holding periods in order to calculate price differences in accordance with existing market transactions, where prices are constantly changed in front of companies, stressing that the control of price indexes is a major focus for controlling the rights of companies.

The Federation had called on the Ministry of Housing's Price Index Committee to amend the price index for construction materials in order to bring them closer to reality and to establish appropriate price differentials for companies.

The Chairman of the Board of Directors of the Egyptian Federation for Construction and Construction Contractors affirmed that the union is working to take all measures that will support contracting companies in light of the current economic conditions to confront any attempts to stump and prevent the interruption of works.