Dubai-based conglomerate Al-Futtaim Group will start designing two hotels in its flagship Cairo Festival City.
The two planned hotels are four-star and five-star, with initial investment estimated at 1.2 billion Egyptian pounds ($71.2 million).
Mohamed El Mikawi, Managing Director of Al Futtaim Group Real Estate, said in a press conference on Monday that his firm obtained approval from parent company in Dubai to start the designs for the two hotels.
Al Futtaim plans to commence works on the two hotels within 2017, El Mikawi stated.
Cairo Festival City is Al-Futtaim’s flagship in Egypt. The group began work on in 2008, building a shopping centre, two hotels, schools, clinics and residences on a 3 million square metre (32 million square feet) area.
