UAE Al-Futtaim to resume $281mn-phase II of Cairo Festival City project

United Arab Emirates real estate leader Al-Futtaim Construction will invest 2.5 billion Egyptian pounds ($281.6 million) over two years to implement the second phase of the Cairo Festival City project, said managing director Mohamed Al Mikawi.

The second phase of the project includes 300 residential units, 240 villas and 5 administrative buildings over 53.000 m² of land. In addition the company will pump 1.5 billion Egyptian pounds during the current year.

So far, the company has completed the project’s first phase, which represents 40 percent of the whole project, with investment worth EGP 7bn in November 2013. However all works have been suspended since then to settle down the dispute regarding the project land with The New Urban Community Authority.

The company has succeeded in sealing the deal with NUCA and consequently acquires the necessary licences to resume the projects second phase and complete it by the end of 2017.

The group’s investments to complete the Cairo Festival City project are expected to reach 20 billion Egyptian pounds by 2022, according to Al Mikawi.