RIYADH: Timothy Ernst, CEO of Al-Futtaim Malls Group, said in a press conference in Cairo on Monday that his company is investing EGP 2 billion ($129 million) in expanding the Cairo Festival City Mall project, northeast of Cairo, according to Al Arabiya.
The expansion includes the construction of a new building called “Festival Avenue,” including tens of stores of the largest international brands as well as restaurants, to be inaugurated in the first quarter of 2023.
The project is built on 3 million square meters and includes a shopping mall, an administrative area, two luxury hotels, schools, medical facilities and residential units, says Al Arabiya.
Cairo Festival City project construction began in 2008 in the Fifth Settlement, northeast of Cairo.
Ernst said that his company will also invest an additional EGP 200 million to renovate the mall’s existing buildings within 18 months.
