Egyptian contractors turn abroad amid high interest at home

More overseas moves from Egyptian contractors

Egyptian construction giants are landing more regional projects: Orascom Construction and Arab Contractors are part of a consortium developing Jordan’s largest-ever infrastructure project, the USD 5.8 bn Aqaba-Amman Water Desalination and Conveyance project, while our friends at Hassan Allam Holding, together with Saudi Arabia’s AlBawani Holding, will build the Saudi Arabia Museum of Contemporary Art, after being awarded the USD 490 mn contract.

Why it matters: Egyptian contractors have tons of experience building fast after a decade-long construction boom in their home market. That boom has quieted down after the Sisi administration curtailed infrastructure and other spending in the wake of the 2022-2024 currency crisis. Other regional players are taking advantage: 25 Egyptian contracting firms recentlyqualified to compete for the Saudi National Housing Company’s massive SAR 200 bn pipeline of projects — they were invited to apply by Riyadh.

One is canceled, another is happening

The World Snooker Tour canceled the Saudi Arabia Snooker Masters and the World Pool Championship, it said in a statement. The cancellation comes amid speculation about a reassessment of Saudi sports spending, including potential changes to funding for major international projects, reports that the PIF is pulling the plug on LIV Golf, and Saudi Arabia stepping back from events such as the Next Gen ATP and WTA Finals.

Meanwhile, the WWE renewed its commitment to Riyadh: The WWE is bringing a new iteration of its biggest show, WrestleMania, to Riyadh in 2027, marking the first time it will be held outside North America. The news comes after WWE said its “Night of Champions” event will take place in Riyadh on 27 June as planned for the second year in a row.