(Corrected the third last paragraph on the project timeline)

Dubai-headquartered Al-Futtaim Group Real Estate is planning to launch new residential, commercial and hospitality projects in Egypt over the next two years, the company's Managing Director has said.

Ashraf Ezz Eldin told Zawya Projects that the projects lined up for launch next year within its Cairo Festival City development include the 1.2 billion Egyptian pounds ($76.7 million), 300-unit Festival Living 3 residential project, and three hospitality projects worth 3.2 billion pounds ($204.6 million).

Cairo Festival City, spanning over an area of 3 million square metres (sqm), is one of the biggest projects of Al-Futtaim Real Estate Group.

He said Festival Living 3 would be launched in March 2021 while the hospitality projects, comprising of two 5-star and 4-star hotels totalling 600 keys, and a 161-unit hotel apartment project, would be launched by end-2021.

According to the company's media fact sheet, the feasibility study contract for the two hotels has been awarded to to Khatib and Alami.

Ezz Eldin said the line-up for 2022 includes Egypt's first palace compound comprising 30 palaces and a 60,000 sqm commercial project.

He said construction of Festival Avenue, the 2-billion pound ($128 million), 27,193-sqm extension of Cairo Festival City Mall, would start this month (November 2020).

"A consortium of Consolidated Contractors Company and Hassan Allam Sons for Construction has been awarded a 1.5-billion-pound ($96 million) construction contract for the project. The mall would be completed within two years from the start of construction," he said.

The projected investment for Cairo Festival City in 2021 is 5.5 billion pounds ($351.7 million), he concluded.

(1 US Dollar = 15.64 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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© ZAWYA 2020