Egypt signs deal with Euroclear to boost domestic debt management    Erdogan says Turkey to resume Syria offensive if truce deal falters    Spanish government dismisses call for Catalan talks; police brace for more unrest    Egypt's Cooperative Insurance Society to cover NGOs clients' loans    Angry over Brexit, thousands gather in London demanding new referendum    After a young pupil dies of meningitis in Egypt, tips to help prevention    Live score: Zamalek v Arab Contractors (Egyptian Premier League)    Irish clubs set to meet to discuss a new cross-border league    Bulgaria coach Balakov resigns following racism fallout    Wide protests in Lebanon against ruling elite over economic corruption    U.S.-China trade deal will be signed by middle of November: Trump    Egypt's PM urges US's ADTRAN Inc. to invest in communications equipment    World Bank launches human capital investment plan in MENA, North Africa    French President Macron receives Egypt's Coptic Pope Tawadros II at Elysee    Oil prices drop as China slowdown weighs    Egypt urges its citizens in Lebanon to exercise caution as protests continue    Egypt says strategic wheat reserves enough to cover its needs until February    Egypt keen to support DR Congo: Ambassador    Cairo metro back to normal operations following hours-long power disruption    Egypt's Pope Tawadros opens Saint Mary, Mar Youhanna Church in Belgium    Egypt's Irrigation minister reviews latest developments of Ethiopia's Renaissance Dam in Budapest    'Passports should be valid for six months,' Egypt's foreign ministry advises citizens planning travel abroad    Unpaid work hits 35% of Egypt's GPD, but still not included in economic calculations: IMF    Grand Nile Tower Arts & Cultural Centre launches second round    Egypt's coach Hossam El-Badry satisfied with winning start despite technical problems    Hundreds released    Luxor's new discoveries    Moroccan film Nomades scoops awards in Alexandria Film Festival    Toshiba's JV with Egyptian Elaraby opens regional HQ in South Africa    Six authors vie for Booker prize 2019, Atwood in the lead    In Photos: A sneak peek into rehearsals for the Cleopatra ballet world premiere    Sisi, Ethiopia's PM to meet in Moscow to discuss GERD issue    Sisi: army engaged in attrition phase against terrorism in Sinai since 2013    10K fans to attend Egypt's friendly against Botswana in Alexandria: EFA    Sisi, Ethiopia's PM agree to overcome obstacles in Nile dam talks    Farwell to Egyptian comic actor Talaat Zakaria    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Al-Futtaim Real Estate Injects EGP 3.7 Bln To Cairo Festival City
Published in Amwal Al Ghad on 06 - 08 - 2012

Al-Futtaim Group Real Estate injected EGP 3.7 billion to the Cairo Festival City project in New Cairo City for the period from the start of its construction till now, said Dr. Mohamed Mekkawy, Managing Director of Al-Futtaim Group Real Estate.
Mekkawy told Amwal Al Ghad that the parent company injects about EGP 120 million monthly to resume the establishment of the project and to be delivered in the determined date. The Company spent about EGP 1.5 billion on infrastructure expected to be finalized by the beginning of 2013.
There are still negotiations between Al-Futtaim Group and some banks to arrange a loan of EGP 2 billion, Mekkawy noted, adding that the banks conditioned arranging such finance on signing the final settlement agreement concerning resolving the company's problems with the government.
Mekkawy called on the Egyptian government to speed up the settlement of land disputes. The Company agreed with the previous cabinet led by Ganzouri to sign the final settlement agreement after paying EGP 400 million, the price difference. However, an agreement was not signed yet. Assigning Osama Saleh the Ministry of Investment may accelerate the settlement deal as he was the head of the settlement committee, Mekkawy said.
Cairo Festival City is being established on an area of 3 million m2 including a commercial mall on an area of 400,000 meters with an investment cost of EGP 3.5 billion in addition to 550 villas, 1400 housing units and two hotels.


Clic here to read the story from its source.