Al-Futtaim Group, owner of Cairo Festival City project, will start establishing the second phase of the administrative buildings on an area of 60,000 m2 by the beginning of November. The first phase was executed on an area of 40,000 m2 and 90% of which was rented.
Starting the establishment of the second phase of the administrative buildings is conditioned on the government’s approval on the final settlement agreement which is expected to be signed by the end of this month, said Mohamed Mekawy, CEO of Al-Futtaim Egypt. The government verbally agreed on the settlement agreement, he noted.
The New Urban Communities Authority (NUCA) did not approve the detailed plans of the project from two years because of the current disputes which impeded the company from establishing new projects, he added.
Al-Futtaim rented about 36.5 thousand m2 of the first phase of the area of the administrative buildings which is about 40,000 m2. The area of the administrative building represents 16% of the area of the project which is 250,000 m2.
