FINANCIAL NEWS

UAE’s Al Futtaim to invest USD700m in Egypt

26 Nov 2014

(MENAFN) Al Futtaim Group, the Dubai-based Corporation, announced it is planning to invest USD700 million in Egypt in a three-year period as well as pay the government USD30.5 million as part of a settlement reached with the government over a land dispute between them, Arabian Business reported.

Al Futtaim’s Egypt said that the investments will be focused on new projects in a second phase of the company’s Cairo Festival City development, including a hotel and nearly 500 housing units.

Al Futtaim, which began work on Cairo Festival City in 2008, has already built a shopping center, two hotels, schools, clinics as well as a residences on a 3 million square meter area, with the company aiming to increase the number of shops in the development to 300 in the January-June period of 2015 from the existing 200 shops.

“We have not been issued any building permits since 2010. But after signing the contract amendment, we will now be issued building permits,” Al Futtaim’s Egypt CEO said.

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