UAE-based conglomerate Al Futtaim Group has announced the official opening of its Cairo Festival City Mall project.
Cairo Festival City is a 3 million sq m development by Al-Futtaim Group Real Estate (AFGRE), a unit of Al-Futtaim Group.
Al-Futtaim vice chairman Omar Al Futtaim said that when fully complete the mall will offer more than 300 retail stores and 95 restaurants and cafes.
The opening was hailed as a landmark occasion for Egypt and as a reference point that foreign investor confidence in Egypt’s potential “remains as strong as ever” despite recent unrest.
“Retail is a key component of Egypt’s economy and the opening of Cairo Festival City Mall is a tangible proof that foreign investors’ confidence in the prospects of Cairo’s revival is unwavering,” said Al-Futtaim. “Especially GCC investor sentiment towards Egypt is very strong,” he added.
Dr Sultan Ahmed Al Jabber, UAE Minister of State who was also at the official opening, added: “On this occasion, I would like to congratulate Al Futtaim Group and the Egyptian community for the opening of this integrated centre which is a distinct model of urban developments and trade, as it reflects the big investment opportunities in the Egyptian market, and the quality of the UAE’s business community.
“We look for more Gulf projects which contribute in improving the economic growth, and realise the benefit and interest for all parties, through upgrading the level of available services, as well as providing more opportunities for manpower.”
The Minister said that the opening of Cairo Festival City Mall was a testament to GCC investors’ interest in general, and UAE in particular, in the Egyptian market.