OFFPLAN NEWS

(14.06.2007 )
Property in Egypt Al Futtaim Group unveiled US$3 billion Egypt project

Dubai-based Al-Futtaim Group’s US$3 billion Cairo Festival City, the 2.5 million square metre mixed-use, residential, commercial, hospitality and retail property in Egypt development under construction in New Cairo City, will create tens of thousands of jobs for Egyptians, according to Al-Futtaim Group representatives at the Egypt Invest Conference
“This is not the usual residential development that is built, sold and handed over after a one- or two-year turnaround,” said Phil McArthur, who as Managing Director – Shopping Centres and Commercial Real Estate for Al-Futtaim Group Real Estate LLC, oversees a multi-billion dollar portfolio of real estate investments in the GCC and Egypt, including the landmark US$12 billion 1,600 acre Dubai Festival City project currently under construction in Dubai.

“Our Cairo Festival City development team will build long-term assets by creating thousands of jobs, transferring skills in retail and hospitality management, sales and marketing, security and many other disciplines. The project will create sustained sources of income for many Egyptian suppliers and subcontractors,” he said.

McArthur added that Cairo Festival City will create world-class venues that will attract global retailers to Egypt for the first time and encourage more and greater investment in Egypt. The immense project will feature the country’s first indoor-outdoor retail and entertainment complex covering 200,000 square meters. “This is not your typical enclosed shopping mall,” he said “It is a groundbreaking retail, hospitality and leisure environment that will introduce the retail resort concept to Egypt’s thriving tourism industry.”

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