By Lynne Nolan
Festival City will showcase 250 international and regional retail brands and create ‘numerous employment opportunities' for the city's population.
UAE-based Al-Futtaim Group Real Estate, a key division of Al-Futtaim Group, today announced the launch of Cairo Festival City, described as ‘Egypt's first indoor-outdoor retail and entertainment resort.'
The privately funded, EGP 20 billion, Cairo Festival City is strategically located at the gateway to New Cairo City on the Ring Road, 20km southeast of greater Cairo and only 15 minutes from Cairo's International Airport.
"Our vision for this remarkable project is to create a vibrant and modern community that will transform New Cairo City into a place that affirms Egypt's position as one of the most progressive and influential countries in the region," said Omar Al Futtaim, CEO of Al-Futtaim Group.
"With the success of our flagship waterfront mixed use development situated along Dubai Creek - Dubai Festival City, and with the celebrated strength of the different Al-Futtaim brands, Cairo Festival City will represent a new level of excellence in mixed use urban communities, while demonstrating Cairo's capacity to merge cutting-edge modernity with ancient civilization," he added.
"Cairo Festival City blends the best architectural designs and infrastructure within a carefully thought out master plan, to deliver a community with excellent connectivity throughout the development and to New Cairo City. The superior facilities and beautiful landscaping deliver the location of choice for modern living in Cairo," conceded Brett Schafer, senior managing director, Al-Futtaim Group Real Estate.
Festival Centre, a three-level shopping centre, will feature a mix of 250 international and regional retail brands, including Al-Futtaim brands, Toys R Us, InterSport, Ace and Plug-Ins, a hypermarket, a 400-room luxury hotel extending into attractive landscaped gardens, and a business hotel.
Cairo Festival City's residential districts will set new standards in modern living. Oriana Luxury Villas, a secure and tranquil gated residential community, will consist of 480 Mediterranean styled villas will be set in a landscaped setting.
The shopping centre is scheduled for completion by the end of 2010, and the finished development will open officially in 2011.
"We have already witnessed the opening of a number of the project's elements. The progress of the development is moving at such a phenomenal pace thanks to the tireless efforts of the entire team involved in shaping Cairo Festival City from the initial designers to the people on the ground," said Tarek El Shazly, general manager, Cairo Festival City.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.