UAE’s Al-Futtaim Real Estate invests EGP 16bn in Cairo Festival City

UAE-based real estate developer firm, Al-Futtaim Real Estate says it has so far injected investments estimated at 16 billion Egyptian pounds ($892.8 million) out of total 35 billion pounds into its flagship Cairo Festival City project.

The 35 billion pounds are the total cost of the project that is set to be completely executed within 2022, said Al-Futtaim’s managing director Ashraf Ezz El-Din on Wednesday.

In March 2018, Ezz El-Din earlier unveiled that Cairo Festival City is a visionary mixed-use urban community strategically located at the gateway to New Cairo on a total space of three million square metres.

“The project’s space includes commercial and administrative parts, over 350,000 square metres, other residential parts over 1.1 million square metres, and hotel parts over 41,000 square metres,” he noted.