Al Futtaim Group has unveiled the US $3 billion (EGP17 billion) Cairo Festival City.
The 2.5 million m2 residential, commercial, hospitality and retail development planned for construction in New Cairo City, is expected to create thousands of jobs for Egyptians.
“This is not the usual residential development that is built, sold and handed over after a one- or two-year turnaround,” said Phil McArthur, managing director, shopping centres and commercial real estate, Al Futtaim Group Real Estate.
“Our Cairo Festival City development team will build long-term assets by creating thousands of jobs and transferring skills in retail and hospitality management, sales and marketing, security, and many other disciplines.
“The project will create sustained sources of income for many Egyptian suppliers and subcontractors,” he added.
Al Futtaim Group has been investing and operating in Egypt since the early 1970s, although government initiatives over the last few years have given the company more opportunities to invest in a number of economic sectors.
“We have an abiding commitment to the development of Egypt and our goal is to introduce a fully-realised mixed-use concept according to the highest international standards and practices to Egypt’s forward-thinking development programmes,” said McArthur.
McArthur oversees a multi-billion dollar portfolio of real estate investments in the GCC and Egypt on behalf of Al Futtaim Group, including the $12 billion Dubai Festival City project.
He attributes the success of Dubai Festival City to the UAE government’s support and stressed that the Cairo Festival City project can only be achieved with the backing of Egypt’s government.
“We believe in Egypt’s future,” he said. “And we believe that Cairo Festival City will make this future brighter.”