This came during a press conference held on Monday.
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.
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. This partnership will create new job opportunities and further support community development.
While Organi Group was established in 2010 as a parent group working in various fields, it has emerged as a key player in the market over the past few years, mainly in the business scene in Egypt.
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.
CSCEC is a Chinese state-owned construction company headquartered in Beijing. As of 2020, it was the largest construction company worldwide by revenue and the eighth-largest general contractor in overseas sales.
CSCEC, known for its successful collaborations in Egypt, such as the Central Business District in the New Administrative Capital (NAC), aims to leverage this partnership to enhance innovation and efficiency in Egypt’s construction landscape.
Sherif El-Sherbiny, the Egyptian Minister of Housing, Utilities, and Urban Communities, and Zhao Liuqing, the commercial counsellor at the Chinese Embassy in Cairo, signed the partnership agreement.
The press conference included prominent figures, including Essam Al Organi, CEO of Organi Group; Chang Weicai, general manager of CSCEC Egypt; and Amr Sheta, managing partner of Income, CSCEC's Egyptian partner.
CSCEC ranks as a significant global player in the construction sector, holding the ninth position on the Fortune Global 500 list in 2022 and first among the Top 250 Global Contractors. This 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.
During the conference, Sheta 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 the key market for it to grow in the North African market.
According to Sheta, Income is an Egyptian company and is a partner to CSCEC, which includes the 12 biggest firms owned by the Chinese government.
Sheta emphasized the importance of this partnership in fostering cooperation between Egyptian and international firms, underscoring its 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.
He also noted that the group attempts to transform Egypt's construction and real estate sectors.
For his part, CSCEC’s Weicai noted that this collaboration is a commitment to bringing the latest technologies and global best practices to Egypt, driving innovation in the real estate sector.
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