Emaar & Al Futtaim plan enormous Egypt investment

Emaar & Al Futtaim plan enormous Egypt investment

Al-Futtaim did not say when the agreement on the venture might be finalised or when construction would be completed.

October 3, 2012 8:54 by Reuters

Al-Futtaim Group and Emaar Properties, two real estate developers from the United Arab Emirates, plan a 5 billion Egyptian pound ($820 million) tie-up to build a retail and entertainment complex outside Cairo, Al-Futtaim said on Tuesday.

The companies said they reached a preliminary decision to develop the “Cairo Gate” complex on 160 acres of land off the Cairo-Alexandria desert highway, a statement said.

A shopping mall would be the centrepiece of the development, complemented by an office park, luxury hotel, schools, medical facilities and residential space.

Al-Futtaim did not say when the agreement on the venture might be finalised or when construction would be completed.

The two companies already have substantial investments in Egypt; Emaar has a real estate investment portfolio in the country of 31.7 billion pounds, the statement said.

Gulf investors have shown more interest in investing in Egypt since the election in June of President Mohamed Mursi, whose government has requested a $4.8 billion loan from theInternational Monetary fund to help stabilise state finances.