Dubai developer Al Futtaim Group will sign today a loan agreement worth EGP 532 million with Commercial International Bank (CIB) – Egypt. The loan will go for financing the second phase of Al Futtaim’s Cairo Festival City project in New Cairo.
From his part, Dr. Mohamed El Mikawi – Managing Director of Al Futtaim Group Real Estate – said the EGP532 mln loan reflects the economic feasibility of the project and its significance in the local market.
He further praised the role played by local banks, particularly CIB Egypt, in bolstering investment projects, amid available liquidity, which will create more jobs and activate trade.
The 3 million square metre Cairo Festival City, 20 kilometres southeast of greater Cairo, will include a three-level shopping centre, over 85 restaurants, a luxury hotel, and 480 villas. The project has managed so far to create more than 30.000 permanent jobs in addition to thousands of indirect job opportunities.
In the same vein, Amr El-Ganainy, CIB President of Global Customer Relations, elaborated that his bank’s main concern is to finance the most vital sectors which would spur more economic growth in Egypt. The loan mirrors CIB Egypt’s confidence and optimism that Al Futtaim’s project will move the real estate development sector’s wheel forward, he noted.