Al Futtaim Real Estate intends to sign contracts worth EGP 1 billion in 2016, while also increasing investment in its Cairo Festival City projects by EGP 2 billion, for a total investment of EGP 19 billion, the company’s Managing Director Mohamed Al Mikawi told Daily News Egypt.

The company signed contracts for EGP 2.5 billion for the end of year 2015 and first quarter of 2016, Al Mikawi added in a press conference, reported Al Borsa News. The contracts include three projects: the first phase of Oriana which includes construction of 243 villas; Festival Living which includes construction of 300 apartments; and five administrative buildings.

In addition, Al Futtaim plans to build two hotels, with a capacity of 600 rooms, and has contracted an international company for their design. Investment should reach EGP 1.5 billion.

Al Futtaim will not be involved in the development of the new Administrative Capital and intends to direct its work towards shopping, tourism and conferences.