Cairo: Organi Group has announced a strategic partnership with the China State Construction Engineering Corporation (CSCEC), one of China’s largest construction firms. This collaboration aims to facilitate the transfer of global expertise and enhance strategic exchanges within the Egyptian market, contributing to the development of the local real estate sector in alignment with Egypt’s Vision 2030.
According to State Information Service Egypt, this partnership will create new job opportunities and further support community development. Organi Group, a key player in the construction sector with over 150,000 employees, has successfully executed major projects across Egypt, Saudi Arabia, and Libya. The group, established in 2010, has emerged as a significant force in the market, particularly in Egypt’s business scene.
On the sidelines of the event, Essam Al Organi, CEO of Organi Group, noted that the group targets raising its investments in the construction sector by 150 percent to reach $5 billion. The agreement was signed by Sherif El-Sherbiny, the Egyptian Minister of Housing, Utilities, and Urban Communities, and Zhao Liuqing, the commercial counsellor at the Chinese Embassy in Cairo.
CSCEC, a Chinese state-owned construction company, is known for its successful collaborations in Egypt, such as the Central Business District in the New Administrative Capital (NAC). The company aims to leverage this partnership to enhance innovation and efficiency in Egypt’s construction landscape. It ranks ninth on the Fortune Global 500 list in 2022 and first among the Top 250 Global Contractors.
During the conference, Chang Weicai, general manager of CSCEC Egypt, emphasized the company’s commitment to bringing the latest technologies and global best practices to Egypt. Amr Sheta, managing partner of Income, CSCEC’s Egyptian partner, stated that CSCEC is the largest company in the construction sector globally, with a total annual portfolio of $385 billion. He added that the corporation sees Egypt as a key market for growth in North Africa.
Sheta highlighted that Income is one of the 12 biggest firms owned by the Chinese government and will contribute to Gaza’s reconstruction efforts. He underscored the importance of this partnership in fostering cooperation between Egyptian and international firms, with the potential to implement global best practices in major real estate projects.
“Our strategic vision aims to create job opportunities and strengthen Egypt’s position as an investment hub. Collaborating with CSCEC will significantly enhance the real estate sector, allowing us to develop innovative projects that contribute to Egypt’s infrastructure,” Al Organi stated.
The partnership aims to merge local expertise with CSCEC’s global knowledge, focusing on technology transfer and the integration of international best practices to enhance the efficiency of Egypt’s real estate sector.