The real estate company Al-Futtaim plans to sign EGP 1bn in contracts in 2016, according to Mohamed Al-Mikawi, the company’s managing director.
The company will increase investment in its Cairo Festival City projects by EGP 2bn, increasing the total investment to EGP 19bn, according to Al-Mikawi.
At the close of last year, Al-Futtain secured EGP 2.5bn in investment in three projects, including the first phase of the Oriana project that includes the construction of 243 villas and the Festival Living projects that includes the construction of 300 apartments and five administrative buildings.
Al-Futtaim has also contracted an international company to design two hotels that will have 600 rooms, for EGP 1.5bn.
“The company completed the designs of a sports club inside Cairo Festival City and is studying opening membership,” Al-Mikawi said.
The company will not participate in the New Administrative Capital or any tourism projects, according to Al-Mikawi.