Analysts believe that under the correct conditions investments in the construction industry in Egypt will continue to grow, and the most impressive growth will be in the granite and marble sector of that market.
Experts believe that revenues for the marble and granite industry in Egypt can reach as much as 2 billion dollars in the near future. The industry is exploring the possibility of increasing exports to several Arab countries where it is already doing a good business, such as Kuwait, which is at the moment one of the main importers of Egyptian building materials such as marble and granite.
Today the volume of marble investments in Egypt is EGP 17 billion, (2.85 billion dollars) while growth has been between 30% and 40% per year. Egypt ranks 6th in the world of marble exporters and this year’s export value of marble is approximately 330 million dollars. Six years ago, in 2005, marble exports were worth 220 million dollars.
The Head of Marble and Granite Division at the Chamber of Building Materials Industries of the Federation of Egyptian Industries, Ahmed Abdel Hamid, believes that there are many challenges facing this industry which, if met, will help the industry continue to grow at an even faster pace.
Hamid explained that there are 350 marble plants and 800 workshops. The average direct and indirect manpower is about 700 to 800 workers. The volume of marble exports, according to Hamid, totals to a value of about EGP 500 million, 5% of which is for granite. He added that the growth rate for the industry is about 5% to 6% annually.