Egypt: Al-Futtaim group to increase investment in Festival City Mall

The Dubai-based group Al-Futtaim has decided to multiply nearly two-fold its investment in Cairo Festival Mall from an original investment ranging between $850.8 and $964.2 million.

The revaluation has been announced by the group managing director Ashraf Ezzeldin at a news conference Tuesday.
Al-Futtaim has embarked on the development of Cairo Festival Mall; a mixed-use urban community located east of the ring road in New Cairo.

The group has already invested $680.6 million in the project, which is scheduled to be completed by 2023. The Mall is 60 per cent complete, according to press reports.

A third of the new investment will be supported by loans while the other bulk will be provided by the group.

Al Futtaim is also planning to launch four other projects this year for a total investment put at $425.4 million.

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