Al Futtaim plans $2.2bln investments in Egypt over two years

Renovations in the mall will be complete within 18 months

  
A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Cairo – Group Director of Al-Futtaim Malls Timothy Earnest said that the group aims to invest EGP 2.2 billion in Cairo Festival City Mall in eastern Cairo during 2021 and 2022.

The investments include EGP 2 billion for new expansions and EGP 200 million for renovations in the mall, Earnest said in a press conference on Monday.

Renovations in the mall will be complete within 18 months, he added, noting that shopping will not be disrupted during the renovation process.

Since its launch seven years ago, the mall has received about 100 million people.

The group plans to establish a new shopping mall in Egypt, which will be most likely located in the New Administrative Capital.

Source: Mubasher

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