Dubai, August 17, 2008: Recognised retail specialist, Philip Evans, joins Al-Futtaim Group Real Estate (AFGRE) as Director of Retail Leasing.  Evans is primarily responsible for directing a strategic approach to retail leasing for two current Festival Centre projects in Dubai Festival City and Cairo Festival City totalling 5 million sq ft gross leasable area (GLA).

With more than 25 years of leasing and asset management experience, Evans has held a number of strategic positions most recently as a Partner with global real estate consultants, Cushman & Wakefield.  His experience spans a variety of markets including Syria, Jordan, Greece, Turkey, Cyprus, Romania and Bulgaria. He has also been a main board member of the British Council of Shopping Centre (BCSC) and Vice Chairman of the Greek Committee of the International Council of Shopping Centres (ICSC)

"I am delighted to have joined AFGRE at a time when the company is expanding the Festival City brand in the MENA region," said Evans. "The focal point of these developments is Festival Centre - the retail, dining and entertainment component. Our intention is to position the Festival Centre brand as one which delivers shopping centres of excellence through introducing new and vibrant retailers to the tenant mix and delivering an outstanding customer experience."

Evans is currently leasing the 650,000 sq ft Festival Centre Luxury Collection extension at Dubai Festival City which links into the prestigious Four Seasons Hotel and is in negotiation with high end department store brands to anchor the scheme.

In addition Festival Centre is expanding its 'Big Box' retailer offer by 20 outlets ranging from 3,000 sq ft to 25,000 sq ft to join existing household brands IKEA, HyperPanda, Plug-Ins and ACE hardware.

Evans is in final negotiations with key anchor stores, a cinema operator and hypermarket for the 1.8 million sq ft Festival Centre at Cairo Festival City and will invite expression of interest from line shops in early 2009.

-Ends- 

Al-Futtaim Group Real Estate (AFGRE), a key division of Al-Futtaim Group based in Dubai, is responsible for the development and operations of the Group's real estate businesses across the MENA region. AFGRE is responsible for the conception, development, procurement and construction of a number of mega projects as well as the leasing and operation of these projects after completion. The two current flagship mixed use developments under the Festival City brand name are:

Dubai Festival City is a 5.2 million sq m premier waterfront mixed-use urban community. Spanning 1,300 acres and stretching three kilometres along Dubai Creek, Dubai Festival City offers a rich and vibrant living experience that encompasses the finest and easily accessible shopping, dining, entertainment, homes, schools, hotels, offices and leisure all in one place.

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 Egypt'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.

Al-Futtaim Group Real Estate has received several awards this year:

1. Construction World Gulf Real Estate Awards 2008

'Top 3 Middle East Developers' for Al-Futtaim Group Real Estate

2. Global Retail & Leisure International Awards 2008

'International Shopping Centre of the Year' for Festival Centre, Dubai Festival City

3. Best in Dubai Awards 2008

'Best Event Venue' for Festival centre, Dubai Festival City

'Best Shopping Mall in Dubai' Runner Up for Festival Centre, Dubai Festival City

For more information, please contact:
Mohammed Barghuthi                                    
Public Relations Manager                              
Al Futtaim Group Real Estate                            
Dubai - United Arab Emirates                            
Tel +971 4 2136297                                           
Fax +971 4 2325661                                         
P.O Box: 49776 Dubai, UAE                              
Email: Mohammed.Barghuthi@afgre.com            
Web: www.afgre.com                                        

Nazneen Yasin
PR Account Executive
GMASCO
Dubai - United Arab Emirates
Tel: +97150 5096054
Fax: +9714 2279801
P.O. Box 5830, Dubai, UAE
Email: Nazneen.Yasin@gmasco.com
Web: www.gmasco.com

© Press Release 2008