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Al Futtaim to spend EGP4bn on Cairo Festival City’s phase II

April 14, 2014 12:25 am

Dubai-based developer Al-Futtaim Construction has said it has will spend EGP4bn to implement the second phase of the Cairo Festival City project, Daily News Egypt has reported. So far, the company has invested EGP7bn in the project’s first phase and the current estimated cost for the third phase is EGP8bn, said managing director, Mohamed Al Mikawi. The group’s investments into the Cairo Festival City project are expected to reach EGP19bn by 2019, Al Mikawi said.