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21-03-18
Al-Futtaim to put in USD1.7bn investment in Cairo Festival City
(MENAFN) Egypt's mall Cairo Festival City is set to receive an USD1.7 billion investment by 2023 from Dubai's Al-Futtaim real estate.
During a news conference, managing director Ashraf Ezzeldin declared the company to finance what's left with the rest funded by loans that will cover a third of the investments.
The Dubai-based company has about doubled its planned investment, as it had in mind between 15-17 Egyptian pounds in investments.
The company has already allocated 12 billion pounds for the sake of the project that is currently at a 60 percent level of completion.
MENAFN2103201800450000ID1096628162
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