Dubai company to invest LE 20 billion in New Cairo

CAIRO: Dubai-based Al Futtaim Group will invest LE 20 billion Egyptian pounds ($3.5 billion) to build a new residential area on 1,750 hectares of New Cairo, state news agency MENA said on Thursday. MENA quoted Phil McArthur, managing director of Al Futtaim Group Real Estate, as saying the project would be built on land purchased by the group in 1997, would be called Cairo Festival City and would be financed by the group. McArthur said the project would take between seven and 10 years to complete, with completion of the first phase expected around 2009, according to MENA. In addition to housing units, Cairo Festival City will include hotels, shopping centres and recreational sites, McArthur said.