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UAE’s Al-Futtaim to invest extra EGP5bn in Egypt project

UAE’s Al-Futtaim to invest extra EGP5bn in Egypt project
(Written by Ramy Sameeh)
Dr. Mohamed Al Mekkawy, Managing Director of UAE-based Al-Futtaim Real Estate, said his group is set to launch the second phase in its Cairo Festival City project at investments worth EGP 5 billion.
Speaking in a press conference Tuesday, the top official said the group has reached a final agreement with Egypt’s New Urban Communities Authority (NUCA) to settle the dispute over New Cairo land plot over which the project is built.
Under the agreement, the group will pay EGP 217.9 million to NUCA that will in turn endorse the technical plans for the project.
Mekkawy stressed his commitment to the amended sales contract, adding that his group will pay the land purchase installments ahead of their maturity.
The second phase will include housing, administrative, shopping and entertainment units, the top official said, adding that the shopping mall is expected to be completed in the first half of 2015. (Translated by Sayed Abdel Rahman)