Mar 08 2011 |
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Cairo Festival City participates in the international real estate exhibition, MIPIM for the first time
Cannes, March 8th, 2011 - During MIPIM, Al Futtaim Group Real Estate will showcase their vision for the future of Egyptian real estate, a future that despite recent events is surprisingly bright. Participating in MIPIM, for the first time, Cairo Festival City will showcase the latest developments including their prestigious apartment range; Festival Living, the Oriana Villas and Residences, in addition to the Business District and the Shopping Centre " Festival Centre ". Considered the international real estate event of the year, MIPIM will bring together over 17,000 real estate professionals from around the world, to discuss and showcase their visions for the future of global real estate. This year MIPIM will be held from the 8h to the 11th of March.Elaborating on their participation in MIPIM, Dr. Mohamed El Mikawi, Managing Director of Al Futtaim Group Real Estate Egypt ( AFGRE ) said "Despite short term uncertainties we believe that Egypt continues to look forward to a flourishing real estate industry. Whatever way you look at it, the fact of the matter is that only 60% of Egypt's housing needs are currently being met and with the population growing by almost 2% year on year, developers will definitely not face a shortage in demand for some years to come. The complete sale of phase one of Festival Living, just one week after its launch late last year, is a testament to the growing demand I am talking about."
Discussing the future of real estate in Egypt Mikawi continued, "In addition to sustained demand for housing, retail and commercial properties are two important up and coming sub-sectors of the industry. We have already seen significant growth in both over the last year and expect to see substantial expansions in these sub-sectors in the coming years as well. Growth of the retail sector will continue to be fueled by Egypt's large youth demographic, a growing affluent middle class and increasing demand for modern, international retail chains. Furthermore, two international hotels in the planning stage to cover the growing demand for the rooms in New Cairo. Demands we hope to meet in part, through our retail district, Festival Centre , which is expected to open in early 2012. The commercial sector is also showing strong potential and developers are only just starting to realize the potential for office space in this country. Cairo Festival City is in a prime location in New Cairo making us a very suitable option for businesses that are more and more looking to move away from crowded central Cairo areas."
-Ends-
About Cairo Festival City:
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
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