Al Futtaim Real Estate completes Phase I of Cairo Festival City project

Properties at the Business Ville project have been handed over to contracted tenants, developer says

Al Futtaim Group Real Estate has completed Phase I of the Business Ville project at Cairo Festival City.

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Al Futtaim Group Real Estate, the real estate development and operations arm of the Al Futtaim Group, has announced the completion of Phase I of the Business Ville project in Cairo Festival City.

The properties have been handed over to the contracted tenants, the developer said. The second phase is scheduled to commence later this year, it added.

This second phase will add more than 500,000m2 of property that will provide additional office area to accommodate for increased demand in Cairo Festival City, the developer said.

Last year, Al Futtaim Group announced plans to build more residential units in its 1,300-acre Dubai Festival City (DFC) development, after property market prices returned to 2007 levels.

This year the developer plans to sell some existing residential property that it has been leasing directly to tenants. This is part of a pickup in activity after the company decided to slow down in the wake of the global financial crisis.

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