Al Futtaim Real Estate has allocated EGP 4 bn towards investments into Cairo Festival City in 2017, Managing Director Mohamed El Mikawi tells Al Mal. The company is beginning construction on one of the two hotels planned for the project and to complete a number of hotel apartments onsite, he added. Al Futtaim Group was not impacted significantly by the increase in building material prices domestically as significant portions of construction were completed before the EGP float, said El Mikawi. The company is looking to deliver the second phase of the Oriana Villas project this year and will complete the first phase of its Festival Living project by 3Q2018, he added.

Tags: