$3b Cairo Festival City launched by Dubai’s Al Futtaim
The Dubai-based Al Futtaim Group recently unveiled a $3 billion, 2.5 million square meter, mixed-use, residential, commercial, hospitality and retail development, Cairo Festival City.
The new project is currently under construction in New Cairo City, and is expected to create tens of thousands of jobs for Egyptians. The project will feature the country's first indoor-outdoor retail and entertainment complex covering 200,000 square meters, according to Khaleej Times.
"Our Cairo Festival City development team will build long-term assets by creating thousands of jobs, transferring skills in retail and hospitality management, sales and marketing, security and many other disciplines,” explained Phil McArthur, Managing Director of Shopping Centers and Commercial Real Estate for Al-Futtaim Group Real Estate LLC.
“The project will create sustained sources of income for many Egyptian suppliers and subcontractors," he added.
"This is not the usual residential development that is built, sold and handed over after a one- or two-year turnaround," said McArthur.
McArthur added that Cairo Festival City will create venues that will attract global retailers to Egypt for the first time and encourage more investment in Egypt.
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