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Mon 21 Apr 2008 12:21 PM

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Al-Futtaim launches $3.6bn Egypt project

Dubai developer's Cairo Festival City to offer retail, hotels, residential villas and apartments, and offices.

Dubai's Al-Futtaim Group Real Estate on Monday launched a 20 billion Egyptian-pound ($3.6 billion) Egypt mega-project modelled on Dubai Festival City.

The privately funded mixed-use development, Cairo Festival City, is located near the Egyptian capital's international airport over an area of three million square metres.

Omar Al-Futtaim, CEO of Al-Futtaim Group, said Cairo Festival City would represent a “new level of excellence in mixed use urban communities”, while demonstrating Cairo’s capacity to “merge cutting-edge modernity with ancient civilisation”.

The self-contained city will offer retail, hotels, luxury residential villas and apartments, offices and schools, he said.

The city’s shopping centre and phase one of the residential units are expected to be ready for handover by the end of 2010, with the development set for completion in 2011.

Al-Futtaim also expected the project would create around 1,500 jobs by the end of this year.

The developer expects the project to eventually generate thousands of jobs for Egyptians in retail, hospitality management, sales and marketing, and security.

The city will include a 140,000 square-metre three-level shopping centre housing 250 international and regional retail brands called Festival Centre.

The development will also house a 400-room luxury hotel and 480 Mediterranean styled villas.

The Al-Futtaim Group operates over 40 companies across the UAE, including the construction, real estate, retail, insurance and automotive sectors.