Leading UAE business conglomerate Al Futtaim Group said its key unit, Al Futtaim Real Estate, has reached an agreement with Arabian Construction Company (ACC) to sell one of its administrative buildings located in the heart of leading retail and leisure destination, Cairo Festival City.

 

The deal reflects customers’ confidence in Al Futtaim Real Estate and its ability to attract further worldwide investments in Egypt, stated the UAE group in its statement.

 

Driven by the success of Dubai Festival City project, Al Futtaim had developed is expanding its footprint coverage within the Mena region through the successful Festival City brand. 

 

Cairo Festival City, a mixed-use urban community featuring residential units and luxury villas, commercial area and office buildings in addition to hotels and service apartments over a sprawling 3 million sq m area, was developed by Al Futtaim Group, mainly driven by the success of its Dubai Festival City project.

 

Cairo Festival City also boasts a state-of-the-art shopping centre connected to Festival Village with outdoor entertainment, dining and boutiques.

 

It features the ultimate standards in residential, retail, leisure, entertainment and dining in an eco-friendly, self-sustaining ‘city within a city’, bringing together unique, ground-breaking innovations. 

 

Al Futtaim Group Real Estate Managing Director Ashraf Ezz El Din said under this deal, ACC has purchased one of Cairo Festival City's unique administrative buildings, with a built-up area (BUA) of 6,500 sq m over a land spanning 7,500 sq m. 

 

"We recently launched the latest phase of Aura smart homes in Cairo Festival City," he added.-TradeArabia News Service