Al-Futtaim Group Real Estate, the real estate development and operations arm of Al-Futtaim Group, participates as an official platinum sponsor for Invest-Gate’s roundtable under the title: “Going Commercial … The Future of Egypt’s Real Estate Market” that was held on December 8, Invest-Gate reports.
The roundtable witnesses the participation of a diverse high-profile regional and international industry experts in the Egyptian real estate sector, discussing the future of the Real Estate market and real estate investments in Egypt.
“We highly appreciate the efforts exerted by the country to support the real estate market, which is reflected in the establishment of new smart cities, including industrial projects,” Ashraf Ezz El-Din, Managing Director of Al-Futtaim Group Real Estate, comments.
Ezz El-Din adds that the expansion in the establishment of industrial cities is an opportunity to raise high demand on administrative and commercial units. He further notes that Cairo Festival City is the second largest integrative project by Al-Futtaim Group Real Estate, encompassing units varying between residential, administrative, commercial, entertainment, educational, and touristic all in one place.
He affirms that the industrial and real estate sectors play pivotal roles in opening new channels for a competitive and sustainable economy. Furthermore, it surely opens new direct and indirect foreign investment opportunities.
“As the country is invested in establishing industrial cities across Egypt in the upcoming years, we see it as a window to increase the demand on administrative offices and commercial units to serve the employees in these districts, which aligns with the goal of Al-Futtaim Group Real Estate’s Cairo Festival City (CFC). Located in a strategic spot at the heart of new Cairo, Cairo Festival City is nearby several industrial areas in greater Cairo,” Ezz El-Din adds.
The company completed the development of 80% of the project, which includes the completion of construction work of Oriana IV Villas; and the first and second phases of the residential units of Festival Living has reached 60%. In addition, the progress of the residential units in Aura has reached 75%, meanwhile the progress of the completion of the administrative and commercial section of the The Business District has reached 72%.