Friday, November 03, 2006

Al Futtaim to invest $3.5b in Egypt

Dubai-based Al Futtaim Group plans to invest 20 billion Egyptian pounds ($3.5 billion) to build a new residential area on 1,750 hectares of New Cairo, Egypt. Phil McArthur, managing director of Al Futtaim Group Real Estate has revealed that the project would be built on land purchased by the group in the year 1997 and would be called Cairo Festival City.

McArthur also said that the project would take seven to 10 years to be completed. Along with housing units, Cairo Festival City will feature hotels, shopping centres and recreational sites.

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