Investment cost of Cairo Festival City is LE 30B

CAIRO – 20 March 2018: The investment cost of the Cairo Festival City project until 2030 is valued at LE 30 billion ($1.71 billion), said Ashraf Ezzeldin Abdel Fatah, managing director of Al-Futtaim Group for Real Estate, according to Reuters.

The company estimated earlier that the investment cost of the project would amount to LE 15-17 billion.

Abdel Fatah stated in a press conference that the third of these investments is financed through loans while the rest will be self-financed by the company, adding that the percentage of constructing the project reached 60 percent.

The company has spent LE 12 billion on the project so far, he clarified.

Abdel Fatah referred to the housing part of the project, saying that it will be constructed on a land of 1.1 million square meters.

The hotel segment is scheduled to be completed this year at an investment cost of LE 4 billion.

Al-Futtaim Group’s estimated sales for 2018 are LE 4.5 billion, compared to LE 2.9 million in 2017, Abdel Fatah told Reuters, stating that the company’s investments will reach LE 2.5 billion this year, compared to LE 1.8 billion last year.

Abdel Fatah said that the company seeks to issue four projects – two housing projects and two administrative projects – this year in Cairo Festival City at a cost of LE 7.5 billion, with expected sales of LE 15 billion.

Al-Futtaim Group for Real Estate started the Cairo Festival City project in New Cairo in 2008 on a land of 3 million square meters, including a shopping mall, administrative area, school, medical buildings and housing units.