Al Futtaim to invest EGP 2 billion in Egypt’s Cairo Festival City Mall expansions

Al-Futtaim Group Real Estate, the real estate development and operations arm of UAE’s Al-Futtaim, is planning to pump new investments worth 2 billion Egyptian pounds ($128.1 million) to finance new expansions to Cairo Festival City, according to the mall’s general manager Haitham Haggar.

The new expansion area, called Festival Avenue, will span over 42,000 square metres with leasable area of 22,000 square metres, Haggar added in a press conference on Monday during a tour at the project’s site.

He further told Amwal Al Ghad that the construction works of the project will be started by 2022 and it is set to open during the first quarter of 2023.

The new expansion plans will help create 1,500 new job opportunities during the construction phase, while the Cairo Festival mall is currently providing 5,000 direct job opportunities and about 14,000 indirect job opportunities, Haggar said.