Foreign works accounted for E6.13 billion of Eswatini’s E11.24 billion in registered construction project value in financial year 2025/26, a 54.5% share—rounded to 55% in the headline. The figure measures registered project value, not the share of every construction contract, the number of projects won by foreign firms, or money ultimately taken out of the country.
What the 55% figure measures
The Construction Industry Council (CIC) figures, as reported by Times of Eswatini and Times of Eswatini, compare E6.13 billion in foreign works with E11.24 billion in total registered project value for 2025/26. One report gives the share as 54.5%; 55% is the rounded version.
This is a value measure for projects registered in that financial year. It does not establish how many foreign or local firms competed, how many projects each group secured, or how much of a project’s spending and earnings remained in Eswatini. Those are different questions from the value of registered works.
Why the share jumped from 0.6%
Registered project value increased from E2.83 billion in 2024/25 to E11.24 billion in 2025/26. Over the same comparison, foreign works rose from E16.92 million—0.6% of registered value in 2024/25—to E6.13 billion in 2025/26. The CIC’s explanation, as reported by Times of Eswatini, is that a few large, capital-intensive projects drove much of the increase.
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That concentration matters: a small number of very large schemes can change the value share sharply without indicating a similar rise in project numbers or a broad expansion across construction firms. Historical comparisons are also affected by large projects. The CIC’s 2024/25 report notes that the E2.6 billion Mpakeni Dam significantly skewed the 2023/24 total; the report records E16,918,044 in foreign works for 2024/25, or 0.6% of that year’s registered value. See the CIC 2024/25 annual report.
Where the work is concentrated
The reported 2025/26 breakdown points to public investment as a major part of the total: government and parastatal projects together made up 80.2% of registered project value, according to Times of Eswatini’s account of the CIC report. Private commercial projects increased in absolute value, but their share declined as public and parastatal investment grew faster.
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This ownership mix helps explain why a few large projects can shape the headline figure. It does not, on its own, show whether a particular foreign or local contractor received a specific share of public spending or whether the same pattern applies to smaller private jobs.
Why foreign firms are involved—and what the CIC is concerned about
The CIC’s reported analysis says foreign contractors are especially present in high-value and technically complex work, where local firms may lack capacity. Times of Eswatini reported the CIC saying: “Local firms are unable to fully participate in high-value segments.”
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The CIC has also raised concerns that this pattern could limit skills transfer, local industry development and the value retained in Eswatini. These are concerns about possible effects, not outcomes measured by the 54.5% statistic itself. The registration figures do not quantify local wages, subcontracting, training, profit repatriation or other components of the money circulating in the economy.
For contractors assessing eligibility, the CIC’s registration page says foreign contractor tender thresholds vary by class. Examples include works above E120 million for general building and above E200 million for general civil works, or a specialised-skill condition. Check the CIC registration page for current requirements before relying on a threshold; the cited categories and conditions do not mean every foreign contractor faces the same threshold.
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Cabinet’s stated response
On 3 July 2026, Prime Minister Russell Dlamini said Cabinet had resolved to prioritise emaSwati contractors in major government construction projects. Times of Eswatini reported that he made the statement at the launch of Phase I of the Eswatini Road Infrastructure Improvement Programme, where foreign firms and local company AG Thomas were identified among the road contractors.
Dlamini was quoted as saying: “We want these works to be done by emaSwati contractors so that the money stays in Eswatini and continues circulating within our economy.” This is a reported policy announcement, not evidence that the priority has been implemented or that all public tenders now reserve work for local firms. The practical effect will depend on how it is translated into tender rules and applied to projects.
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How to read the headline responsibly
- It is a share of registered value: 54.5% in 2025/26, rounded to 55%.
- It is not a project-count statistic: the cited figures do not establish the number of contracts or firms behind each share.
- The year-to-year change is concentrated: the CIC attributes much of the jump to a few large, capital-intensive projects.
- Economic retention is not measured by the share: local skills, wages, subcontracting and retained earnings require separate evidence.
The 2025/26 figures and the CIC explanations cited here are based on Times of Eswatini reporting that attributes them to the CIC; the underlying 2025/26 report tables are not directly available in the cited material. The prior-year figures above are also documented in the CIC’s 2024/25 report.
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