Dubai-headquartered real estate conglomerate Majid Al Futtaim announced on Monday that it has broken ground for its 20 billion Egyptian pounds ($384.47million) Junction business park, located in West Cairo.

The company said in a press statement that it has commenced enabling works, valued at approximately EGP500 million ($9.6 million), to prepare core infrastructure for the project.

Located adjacent to 'Mall of Egypt,' the commercial project is positioned as a next-generation business park integrating office, retail, hospitality and lifestyle components within a single destination, the statement noted.

Spanning approximately 99,000 square metres (sqm) of built-up area, the development will feature eight premium office buildings with 440 modular office units starting from 65 sqm, more than 50 retail, and food and beverage outlets, a five-star hotel operated by 25hours Hotels by Ennismore, and include 1,250 parking spaces, the statement noted.

Junction is targeting LEED Gold certification, and will integrate advanced energy-efficient systems, smart access technologies, electric vehicle (EV) charging stations, and high-speed fibre-optic connectivity.

According to the developer, the project is expected to deliver efficiencies including up to 40 percent savings in energy consumption related to HVAC systems and waste management operations.

(1 US Dollar = 52.01 Egyptian pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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