UAE Al-Futtaim’s investments in Egypt currently exceed $1 billion

Dubai-based conglomerate Al-Futtaim Group’s total investments in Egypt currently exceed $1 billion, said country head, Gamal Moharam announced Monday.

Government and central bank of Egypt have to cooperate to reach decisive solutions to the country’s dollar shortage crisis soon, Moharam said during an economic conference Euromoney Egypt held in Cairo on Monday.

Cairo Festival City is Al-Futtaim’s flagship in Egypt. The group began work on in 2008, building a shopping centre, two hotels, schools, clinics and residences on a 3 million square metre (32 million square feet) area.