CAIRO: At Egypt Invest Conference Al-Futtaim Group Real Estate chief affirms Dubai-based real estate developer s long-term commitment to Egypt
Dubai-based Al-Futtaim Group LE 20 Billion Cairo Festival City, the 700 fedan mixed-use, residential, commercial, hospitality and retail development under construction in New Cairo City on the Eastern Ring Road, just South of Murbarak Police Academy, will create tens of thousands of jobs for Egyptians, according to Al-Futtaim Group representatives at the Egypt Invest Conference.
“This is not the usual residential development that is built, sold and handed over after a one- or two-year turnaround, said Phil McArthur, who as managing director of Shopping Centres and Commercial Real Estate for Al-Futtaim Group Real Estate LLC, oversees a multi-billion dollar portfolio of real estate investments in the GCC and Egypt, including the landmark $12 billion 1,600 fedan Dubai Festival City project currently under construction in Dubai.
“Our Cairo Festival City development team will build long-term assets by creating thousands of jobs, transferring skills in retail and hospitality management, sales and marketing, security and many other disciplines. The project will create sustained sources of income for many Egyptian suppliers and subcontractors, he said.
McArthur added that Cairo Festival City will create world-class venues that will attract global retailers to Egypt for the first time and encourage more and greater investment in Egypt. The immense project will feature the country s first indoor-outdoor retail and entertainment complex covering 200,000 square meters. “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.
Marwan Shehadeh, managing director of Al-Futtaim Capital was also present at the conference, stating “Al Futtaim Group has been investing and operating in Egypt since the early seventies but the government initiatives over the last few years have given us greater confidence to accelerate our investment program in the country within a number of different sectors of the economy. This LE 20 billion Cairo Festival City project is a reflection of our ongoing commitment to Egypt.
McArthur added: “We have an abiding commitment to the development of Egypt and our goal is to introduce a fully-realized mixed-use concept according to the highest international standards and practices to Egypt s forward-thinking development programs.
McArthur attributed the success of the Dubai Festival City project to the UAE government s unconditional support and stressed that the ambitious Cairo Festival City project can only be realized through the support of Egypt s government.
“We believe in Egypt s future, he said, “and we believe that Cairo Festival City will play a significant role in making this future brighter.