Over 50 construction companies have responded to Israel’s proposal to operate in the region
Israels Request for Pro...
The Israeli government has received over 50 offers from firms to operate within the region and help develop the housing market.
Israel’s Request for Proposal, issued by the Housing Ministry has allowed the cabinet housing committee to approve up to six construction companies to work within Israel within the five-years and bring in over a thousand construction workers to work with local builders in specific projects.
At present, there are only 7,000 working within construction in comparison to the 20,000 which are needed in the next five years to develop the housing market. Israel is aiming to develop its housing and infrastructure through the program to reduce the price pressures and cater to supply and demand.
“In recent years, Israel’s housing market has suffered from a lack of personnel, a slow pace of construction, and expensive resources. Foreign companies, which utilize unique methods of building that are not generally used in Israel, will bring with them technology and manpower that will significantly shorten the period of construction of projects, as well as lower costs”, commented Housing Minister Yoav Gallant.
The companies, which are based in China, Portugal, Spain, in addition to many multinational companies will be vetted by a committee and legal advisor.
Read the August 2016 issue of Construction Global magazine
France to invest €1.8bn in Egypt’s infrastructure
France will invest a total of €1.8bn into Egypt’s infrastructure focusing specifically on upgrading the Cairo Metro, building a railway to Sudan, and developing water and energy schemes. Officials have called the investment a “major boost to bilateral cooperation”.
The Cairo Metro
Included in the financing is a concessional government loan of around €800mn to upgrade Line 1 of the Cairo Metro, introduced in the 1980s. The financing will pay for 55 trainsets for the line and is provided by the French engineering company, Alstom.
Line 6 is also due to be upgraded using further state-guaranteed loans worth up to €2bn. Bruno Le Maire said that this would be negotiated over the next six months. France and Egypt have worked in close cooperation ever since Abdel Fattah al-Sisi became president in 2014, despite differences over human rights and strong criticism of Egypt by rights activists and some foreign states.
Nine more projects over the next half a decade
A further €1bn from France’s development agency, Agence Française de Développement (AFD), aims to cover a range of other projects over the next half a decade.
These projects include a railway line between Aswan, southern Egypt, and Wadi Halfa in Sudan, as well as several projects in the renewable energy and water purification industries. Bruno Le Maire, France’s Finance Minister, said Egypt was a “strategic partner and commercial dealings with it would be developed. France will substantially increase its direct exposure to Egypt, becoming the first counter-party for government to government loans,” he said.
According to Le Maire, the AFD will also €150mn to support the construction of a universal health insurance programme. French contractors such as Vinci and Bouygues have a long history of working on the Egyptian capital’s underground system.
Talking about the relationship between France And Egypt, Le Maire concluded: “France will substantially increase its direct exposure to Egypt, becoming the first counter-party for government to government loans”.