Cairo Festival City

Dubai’s Al-Futtaim Group Real Estate has launched a $3.6 billion project in Egypt. The ‘Cairo Festival City’ development is to be located near the International Airport in Cairo and is modelled on the Dubai Festival City. The development of the Cairo Festival City will take place over an area of three million square metres, and will include several hotels, residential villas and apartments, offices, schools and shops.  Plans for a 400-room luxury hotel are in place, and there will be approximately 480 Mediterranean-style villas built in the city in various French, Italian and Spanish designs.  The city is to be entirely self-contained upon completion. Cairo Festival City will feature a 140,000 square metre shopping centre in a three-storey building, which will be known as the Festival Centre.  The Festival Centre will offer over 250 international and national retail brands, and will also contain 85 restaurants and cafes, 18 cinemas and over 7000 parking spaces.  The shopping centre and Phase one of the residential units are expected to be completed by the end of 2010, with the entire development to be completed in 2011.  The developer is expecting the project to generate thousands of jobs for the local Egyptians, as well as attract foreign investors from all over the world.