Obviously investing in the construction sector creates a lot of job opportunities, it's a quick way to get a lot of people into the work force. It also indirectly stimulates other sectors by creating a demand for things like steel, cement, construction material, all of these are things that Egypt manufactures locally. I don't think a country can develop on the back of construction alone though, it needs to be coupled with more fundamental economic changes that create a favorable business environment and incentivizes investments and entrepreneurship. There also needs to be an active effort on the government's part to create a manufacturing industry that can absorb a large part of the workforce, create exportable commodities/products (and generate foreign currency). The second part is especially important in order to create a profitable and viable manufacturing industry in countries with weak but developing domestic markets. The Egyptian government is betting on the textile industry for example and is investing in massive facilities, upon completion these will be a massive boost for Egyptian exports.Do you think this is going to change the socio-economic dynamic in Egypt? Will housing in these new areas be affordable for Egyptians?
As far as affordability goes, I personally think low-income families might struggle to settle in these cities but we have yet to hear about prices or social housing schemes.