Superregional mall is now open for shoppers

Cairo - Egypt, November 26th, 2013. Cairo Festival City Mall was officially inaugurated today (November 25th) during an event attended by Egyptian and UAE government officials, local municipality officers, Ambassadors and Commercial Attaches of foreign diplomatic missions and other dignitaries.

Present among them were H.E. Dr. Sultan Ahmed Al Jabber, UAE Minister of State, H.E. Mr. Moh'd Ben Nekhera El Zahery, Ambassador of United Arab of Emirates, H.E. Mr. Mounir Fakhry Abdel Nour, Minister of Industry & Trade, H.E. Mr. Osama Saleh Minister of Investment, H.E. Mr. Ibrahim Mehleb, Minister of Housing & Urban Development and others.

"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," His Excellency Dr. Sultan Ahmed Al Jabber said. The Minister stressed that the opening of Cairo Festival City Mall is a testament to GCC investors' interest in general, and UAE in particular, in the Egyptian market.

The opening of New Cairo's biggest shopping, leisure and entertainment destination 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.

"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 Omar Al-Futtaim. "Especially GCC investor sentiment towards Egypt is very strong."

"Once fully operational with more than 300 retail stores and 95 restaurants and cafes, Cairo Festival City Mall will create employment opportunities for thousands of Egyptians boosting local economic growth in an area which is home to almost half of Cairo's population," he added.

The opening comes during a period of rapidly improving relationships between Egypt and the UAE, and just ahead of the Egyptian Gulf Investment Forum to be held in Cairo from 4th to 5th December to discuss ways of improving regulations and investment legislation in Egypt as a means to enhance investment flow in Egypt.

The dignitaries who attended the special preview opening event were given an exclusive tour of the 168,000square metres mall and attended the ribbon cutting ceremony to mark the official inauguration Cairo Festival City Mall in front of an audience of 1700 VIP guests.

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Futtaim Group Real Estate
Cairo Festival City is a 3 million square metre development by Al-Futtaim Group Real Estate (AFGRE), a key division of Al-Futtaim group, a privately owned Dubai based conglomerate and one of the region's most progressive businesses with more than 80 years experience.

Al-Futtaim Group Real Estate (AFGRE) is the real estate development and operations arm of Al-Futtaim Group. It is responsible for the origination, conception, development, procurement and construction of mega projects and the leasing and operation of these projects after completion.

In addition, AFGRE develops and operates an extensive multimillion dollar portfolio of individual corporate real estate and investment assets across the MENA region.

The three current flagship mixed use urban communities under the Festival City brand are Dubai Festival City (5.2 million square metres), and Cairo Festival City (3 million square metres). Doha Festival City is the newest addition to the group.

Designed to capture the ground breaking 21st Century spirit of Dubai, Dubai Festival City was the first fully integrated mega project to be progressively delivered in the UAE. Encompassing the finest shopping, dining, entertainment, homes, schools, offices and leisure, Dubai Festival City is formed of three distinct districts and connected by a 30 kilometre internal roads network and creekside promenade. Upon completion, Dubai Festival City will be home to 50,000 residents living in 20,000 villas and apartments and a place to work for 50,000 office staff.

Cairo Festival City is the second fully integrated mega project to be progressively delivered. Encompassing the finest shopping, dining, entertainment, homes, school, offices and leisure, Cairo Festival City is connected by an internal road network and a necklace of parks interlaced throughout the city. Upon completion, Cairo Festival City will be home to over 13,000 residents in villas and apartments and a place to work for 50,000 office staff.

© Press Release 2013