PROJECTS: Cairo Festival City to complete $45mln sports club project in 2022

CFC Club project would be delivered in two phases

  
Image used for illustrative purpose. Cranes operate at the site of the football stadium in Benghazi January 19, 2013. To match Mideast Money LIBYA-BENGHAZI/ REUTERS/Esam Al-Fetori

Image used for illustrative purpose. Cranes operate at the site of the football stadium in Benghazi January 19, 2013. To match Mideast Money LIBYA-BENGHAZI/ REUTERS/Esam Al-Fetori

REUTERS/Esam Al-Fetori

Al-Futtaim Real Estate Group, the developer of Cairo Festival City, will complete the newly launched CFC Club project by 2023, the company's Managing Director said.

Ashraf Ezz-el Din said the club, spread over an area of 62,000 square metres, would be developed at an investment of more than 700 million Egyptian pounds ($45 million).

"Construction will start in the first quarter of 2021 and the club would be completed by 2023 over two phases," he said.

CFC Club has been designed by Spain's L35.

Ezz-el Din also disclosed that company is also considering a new mixed-use project in Cairo but didn't elaborate.

In a related press statement, the company said the first phase would be completed in January 2022, and the second phase in August of the same year.

The statement quoted Ezz-El Din as saying the Cairo Festival City's investments in 2021 are expected to surpass 5.5 billion pounds ($351 million).

Ongoing projects within the master development include the 116-unit Oriana IV villas project, which is 65 percent complete; the 404-unit Aura Apartments, which is 18 percent complete; The Podium offices, consists of six buildings with five floors each, which is 37 percent complete, and the planned extension of the Cairo Festival City Mall.

(1 US Dollar = 15.67 Egyptian Pounds)

(Reporting by Eman Hamed; Additional reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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