Egypt Says To End Al-Futtaim Disputes In Days, Thanks To Damac Deal

Eng. Nabil Abbas, Vice Chairman of New Urban Communities Authority (NUCA), said the Housing Ministry is currently working to finalize many settlements for investors including UAE Al-Futtaim Group settlement, asserting the Ministry’s support for the investors who are working in the Egyptian market.

The Vice Chairman added that Al-Futtaim settlement will be finalized within days, explaining that the settlement between UAE DAMAC Group and the government which was in the mid of the current month was the beginning of many settlements that are currently working on them.

Abbas has pointed out that the Ministry is cooperating with NUCA to complete the settlements immediately and quickly as to announce about every settlement after finalizing it, saying the main target from this settlement is to preserve the right of the country and investor.

Abbas has emphasized that this settlement will be a new way to encourage the investment climate and push the movement of real estate market.

Moreover, Al-Futtaim has announced the inauguration of its commercial ‘Cairo Festival City’ in New Cairo City in the coming September, as it is scheduled for Al-Futtaim to pay EGP 420 million to the Egyptian government so as to end the settlement.

It is worth mentioning that the company has set the inauguration date of  its project in new Cairo City in the mid of next September.