Al Futtaim real estate company intends to open its first commercial mall at Cairo Festival City in New Cairo, by the beginning of 2013, on an area of 400 thousand meter and with an investment cost of 3.5 billion pounds.
Mohamed Mekkawy, executive manager of the company, stated that the project is still under construction being executed by both, Al Futtaim Carillion constructions and Orascom Construction Industries.It is scheduled to be open by the first quarter of 2013.
He cleared that the marketing process for the mall occurs through rentals for major brands and local and international retailers, with a monthly rent of 10-100 dollar per meter, declaring that his company has finished marketing 160 thousand meter so far.
On another hand, Mekkawy stated that his company owns administrative buildings on areas of 270 thousand meter, 50 thousand of which would be delivered by the coming March. -Karim Saeed