Al Futtaim Group looking for funds to develop Dubai Festival City

Major private Gulf firm Al Futtaim Group is to seek financing worth up to 20 billion dirhams ($5.4 billion) over the next six years to fully develop a real estate project in Dubai, it said Wednesday.

Director of finance Marwan Shehadeh said Al Futtaim had almost closed the financing for the 9 billion dirham first phase of Dubai Festival City, a vast development project.

According to GDN, Festival City will include residential units, shopping malls, luxury hotels and a golf course when completed by 2011. According to plans, foreign players such as car maker Toyota, Four Seasons hotels and furniture maker IKEA will set up shop there.

Shehadah said about half the funding for phase one will come from debt and the rest from the company's own funds.