Al-Futtaim Group, real estate leader in the United Arab Emirates and the Middle East, signed Wednesday a term facility agreement with CIB worth EGP 532m to finance the second phase of the group's mega project Cairo Festival City in New Cairo. "This loan is one of the biggest loans provided by CIB for a major investment group like Al-Futtaim since the January 25th revolution," said Mohamed Al Mikawi, Al-Futtaim Group managing director. "It reflects the successful economic feasibility of Cairo Festival City project, one of the major projects on Egypt's new investment map." Al Mikawi praised Egyptian banks' vital role, topped by CIB, in backing investment projects. He emphasised the existing banks' liquidity directed to be pumped into national development projects, aiming to create job opportunities, encouraging trade, and providing high quality services to the Egyptian market. "The financing will support construction works for phase two of Cairo Festival City project, following the outstanding success of phase one, which was inaugurated recently, taking the Egyptian market to new horizons, and affirming that CFC is the biggest full-fledged housing, administrative, and entertainment project in the heart of New Cairo," he said. From his side, Omar El-Ganainy, corporate relations manager at CIB, said, "The bank has special interest in financing the vital sectors that support the economic growth. This loan will support the targeted expansion in Cairo Festival City. It reflects the bank's confidence in Cairo Festival City driving the entire real estate sector forward and achieving the long awaited economic growth." Shereen Hamed, deputy CEO, institutional banking at CIB, said, "The loan is one of the biggest direct loans dedicated to the real estate sector. This emphasises CIB's continuous efforts in activating the banking sector's vital role in financing successful real estate projects that create thousands of job opportunities for Egyptian youth and contribute to the development of all related supporting industries." Cairo Festival City is located at the heart of New Cairo, spanning 3m square metres with total investments of EGP 19bn. CFC phase one invested EGP 7bn and provided 30,000 direct and indirect job opportunities for Egyptian youth.
