Al-Futtaim Group eyes the implementation of Phase II of its project in New Cairo, Cairo Festival City within the current year through investments up to EGP 500 million, the Managing Director said on Monday. Mohamed El Mikawi, Managing Director at Al-Futtaim Group Real Estate, noted that the second phase shall include 5 administrative buildings consisting of 400 apartments along with 250 villas through investment cost totaled at EGP 500 million. In addition, the second phase will also include a four-star hotel dedicated to providing services for the businessmen through investment costs totaled at EGP 300 million, he added. El Mikawi stated that Al-Futtaim is currently targeting the completion of the Phase I of Cairo Festival City. He explained that the first phase shall be finalized by the inauguration of its mall in Cairo Festival City next June in which the investments cost exceeds EGP 3.5 billion. The first phase requires pumping investments worth around EGP 1.5 billion so as to cover the whole investment costs. Spanning 3 million square meters, Cairo Festival City is a visionary mixed use urban community, strategically located just 15 minutes from Cairo International Airport on the Ring Road and near the districts of Maadi to the south and Heliopolis, Nasr City, Mokattam to the west. Cairo Festival City is being designed by the internationally renowned firms of Callison, WATG and 5+DESIGN. Cairo Festival City features a premier indoor-outdoor retail and entertainment resort combined with spectacular luxury residential communities (Villas and Apartments), prime office spaces, internationally renowned hotels and an automotive park all set within a beautifully landscaped environment. Cairo festival City will be a state-of-the-art super regional center and retail showcase in Greater Cairo and Egypt's premier indoor outdoor, shopping, dining and entertainment destination.
