Al-Futtaim Malls announced on April 11 the launch of a new 22,143-square-meter expansion to Cairo Festival City (CFC) Mall, east Cairo, Invest-Gate reports.

The new area, called “Festival Avenue,” will offer an additional 120 shops, including 60 retail stores that will offer numerous international brands, 20 new food and beverage (F&B) outlets, and two brand new entertainment concepts, providing an unparalleled shopping and lifestyle experience to New Cairo, according to a recent official statement.

Festival Avenue will have approximately 1,000 parking spaces, in addition to 1,567 square meters of food hall spaces, featuring outlets with both inside and outside terraces. It will also encompass simple circulation patterns and seamless integration with the existing CFC Mall, including transport infrastructure.

The announcement came during the very first Egypt Retail Summit (ERS), in the presence of several local and international officials and leaders in the retail sector.

Timothy Earnest, CEO of Al-Futtaim Malls, stated, “The retail sector in Egypt is witnessing huge growth and we want to further support its development. CFC and CFC Mall have always been the gateway to New Cairo in the heart of all the action, that is what truly sets it apart from any other retail destination.”

“The brand-new Festival Avenue luxury expansion will truly position CFC as setting the standard of retail in Egypt as it becomes Egypt’s premium urban entertainment and retail destination,” he concluded.

Twenty minutes away from Cairo International Airport and 30 minutes away from Cairo Tower, CFC Mall serves a population of over 3.1 mn in the primary and secondary trade areas. According to the latest figures from Global Retail Strategies, New Cairo city is expected to experience a 15% per annum growth rate in population over the coming years.