Hypermarket set for Cairo Festival City

by ArabianBusiness.com staff writer Monday, 01 January 2007

Dubai-based Al-Futtaim Group's has confirmed that its US$3 billion Cairo Festival City development in Egypt will include a hypermarket covering at least 20,000 square metres, although it has not yet announced which operator will open at the site.

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Some analysts have pointed to KSA-based Savola Group's HyperPanda as a likely contender, not least because the operator already has a hypermarket at Al Futtaim Group's Dubai Festival City. European hypermarket groups including Tesco and Metro Group are also thought to be possible contenders. Marks & Spencer, a UK department store, is also thought to be interested in opening at the development.
Cairo Festival City is a 2.5 million square metre mixed-use, retail, residential, commercial and hospitality development under construction in Cairo. Phase-one of the project, which will include retail outlets, food courts and a cinema could open in October or November 2008, according to Tarek Al Shazly, of Al Futtaim Group.

Phil McArthur, Al-Futtaim Group Real Estate's managing director for shopping centres and commercial real estate added that Cairo Festival City will create world-class venue that will attract global retailers to Egypt for the first time. "This is not your typical enclosed shopping mall," he said "It is a groundbreaking retail, hospitality and leisure environment that will introduce the retail resort concept to Egypt's thriving tourism industry."



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