UAE Al-Futtaim says to sign new contracts for Egypt flagships in 2017

Dubai-based conglomerate Al-Futtaim Group says it plans to sign within next year several contracts worth 3 billion Egyptian pounds (around $178 million) to complete ongoing flagships in Egypt.

One billion pounds will go for implementing construction works on Al-Futtaim’s flagship Oriana in New Cairo, Mohamed El Mikawi, Managing Director of Al Futtaim Group Real Estate, said in a press conference on Monday.

Oriana, which comprises 620 villas extending over 850,000 square metres, is set to be one of the most significant gated residential communities of New Cairo.

The first phase of Oriana Villas was delivered in 2014 and 45 percent of construction work has been finished in its second phase, El Mikawi said.

Full construction and delivery of the second phase is expected by the third quarter of 2017; upon completion, Oriana second phase will house 243 villas spread on 271,000 square metres, the Egyptian official added.