Nov 17 2010 |
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Cairo Festival City Highlights Egypt as the Hottest Retail Destination in the Middle East, North Africa region
Cannes, November 17th, 2010 - During MAPIC, Al Futtaim Group Real Estate will showcase their vision for the future of Egyptian retail. Participating in MAPIC, for the fifth consecutive year, Cairo Festival City will showcase the latest developments in their retail district, Festival Centre . MAPIC is considered to be the retailing event of the year, bringing together international retailers, investors and exhibitors from around the globe. This year MAPIC will be held from the 17th to the 19th of November.Elaborating on their participation in MAPIC, Philip Evans, Director of Commercial and Retail Leasing for Al Futtaim Group Real Estate ( AFGRE ) said "Egypt is now considered one of the hottest up and coming retail destinations within in the Middle East North Africa region and in fact internationally. In the last year alone we have seen a huge number of international retailers entering the Egyptian market and investors are now realizing the vast potential Egypt has to offer. Since launching late last year 60% of Festival Centre has already been pre-leased, a testament to the strong retailing market that Egypt hosts. With the population growing by more than 2% each year, retailing opportunities inside Egypt are growing all the time. During MAPIC we hope to highlight just what an important market Egypt has become." said Evans.
Highlighting why Festival Centre will be so important for the Egyptian retail market, Evans continued "This year alone, Festival Centre has already signed with a number of big name retailers including most recently IKEA and Marks and Spencer, as well as Kidzania, a unique family edutainment centre. These big name retailers along with a range of other popular brands covering all sectors, including apparel, footwear, electronics, jewelry and accessories, home furnishings, food and entertainment, will ensure that Festival Centre becomes a destination of choice for the 2.16 million population, which were estimated to live in the immediate area in 2008, in addition to a community of 3.26 million, living in the surrounding districts."
Strategically located in New Cairo, and just fifteen minutes from the international airport, Cairo Festival City's mixed-use community development offers Egypt's first indoor outdoor retail experience. With a total of 160,000 square metres of gross leasable area, Festival Centre will host a shopping centre, in addition to an outdoor area, Festival Village. Projected to open in early 2012, Festival Centre is expected to make substantial contributions to the growth of Egypt's expanding retail market, helping to address the needs of New Cairo's growing population, which is expected to reach 7 million by 2020.
-Ends-
Spanning 3 million square metres Cairo Festival City is a visionary mixed use urban community strategically located just 15 minutes from Cairo International Airport. Cairo Festival City features Cairo's first indoor-outdoor retail and entertainment resort combined with luxury residential communities, prime office spaces, internationally renowned hotels, schools and an automotive park all set within a lush landscaped environment.For more information:
TRACCS Egypt
Abeer El Areeny
Tel: (+202) 33046860
Fax: (+202) 33031219
Email: abeer.elareeny@traccs.net
Cairo Festival City
Marwa Mokhtar
Marketing Manager
Tel: (+202) 26186000
Fax: (+202) 26186060
Email: Marwa.Mokhtar@alfuttaim.ae
Website: www.festivalcitycairo.com
© Press Release 2010
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