Dubai-based Al-Futtaim real estate plans to invest approximately $1.7 billion in in the Cairo Festival City Mall in Egypt by 2023, according to a Reuters report.
The figure represents almost twice the amount originally planned, managing director Ashraf Ezzeldin said at a news conference. Ezzeldin added that a third of the investment will be drawn from loans, with the remaining funds provided by the company.
Al-Futtaim’s original plans called for an investment of between $850.8 and $964.2 million. The company has already invested $680.6 million in the mall, which is 60 percent complete.
Ezzeldin added that the company plans to launch four projects worth $425.4 million this year, with expected sales of around $850 million. The projects will be completed in the next three years, he added.
Follow us on
