Al Futtaim Group is to invest EGP 4 bn in Cairo Festival City in 2017 to develop two hotels and several apartment buildings, Al Mal news.

“We are to develop around 640 units,” Al Futtaim Managing Director Mohamed El Mekawi announces.

He also adds that the company is currently preparing to deliver the second phase of Oriana Villas in Cairo Festival City, spreading on 850,000 square meters and includes a total of 620 villas.

The company has previously launched Festival Living project at a total investment cost of EGP 660 mn scheduled to be finalized within 30 months and to be delivered end of 2018. The project includes seven residential buildings that spread on 66,000 square meters and contains a total of 340 apartments. “The second phase of the project is expected to cost EGP 850 mn,” El Mekawi adds.

Al Futtaim Group is also currently planning to partner with Hassan Allam Contractors to build five office buildings on site that will spread on 60,000 square meters.