Egypt's Morshedy Group signed a deal with CRC-Dorra
Egyptian real estate developer Morshedy Group has signed a contract with local contractor CRC-Dorra, a Dorra Group subsidiary, to construct a new development within the Zahra New Alamein project.
The agreement covers the collaboration between the two companies for the delivery of the project's first phase.
The development covers an area of over 4.2 square kilometres on Egypt's Mediterranean coast.
According to GlobalData, the output of Egypt's construction sector is expected to grow by 4.2% in real terms in 2024, supported by public and private investments in commercial, transportation and renewable energy projects.
The residential construction sector is expected to grow by 4.1% in real terms in 2024 and record an annual average growth rate of 9.4% during the remainder of the forecast period, supported by the government's focus on addressing rising housing demand.
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