The four- and five-star hotels will cost EGP 1.2 bn in construction and buildings. Further, the Egyptian branch of the company has received the final approval from the parent company located in Dubai to start designs and tenders, according to Mohamed El Mikawi, Managing Director of Al Futtaim Group Real Estate.
The construction work is expected to begin next year, Mikawi added.
Cairo Festival City has become a flagship for retail in Egypt, with an area of 3 mn square meters, currently consisting of retail space. However, in addition to the two hotels, the project includes schools, clinics, and residential projects in the pipeline.