Some normalcy was returning to Egypt after three weeks of protests against President Hosni Mubarak’s government. But the social and political turmoil continued to take a toll on many construction projects as expatriates fled the country and work progress slowed or ground to a halt. While many Egyptian industry professionals support the protests, some observers wonder what the long-term impact will be on the country’s economy and construction market.
“This year had been excellent so far,” says Mohamed Fahmy, vice president of EHAF Consulting Engineers, Giza, Egypt. “The Egyptian construction sector was recovering faster than expected, and our turnover was doubling. [But in the protest’s wake] a tsunami of deep recession looms on the horizon until investors get confidence back in the government.”