VENTURES AFRICA – Top real estate firms Emaar and Dubai-based Al Futtaim Group Tuesday announced a partnership deal to build a EGP 5 billion ($820 million) retail project in Cairo on the first day of the Cityscape Global 2012 event in Dubai.
According to the firms, the project – Cairo Gate – will be a major lifestyle and entertainment development on 160 acres of land alongside the Cairo-Alexandria highway.
The project will commence with the construction of a mall with a gross leasable area of 120,000sqm. The mall will feature Al-Futtaim Retail global brands like British Marks & Spencer, IKEA and Toys ‘R’ Us, accompanied with relaxation and eating facilities and a corporate block.
According to arabianbusiness.com, the developers expect Cairo Gate to have a catchment area of approximately 6m people.
The Egyptian unit of the Dubai real estate firm, Emaar Misr, is also executing an ongoing EGP 12 billion ($2 billion) development project on the outskirts of Cairo. The Uptown Cairo project is planned to house the country’s largest mall, as well as residential and hotel amenities.
According to reports, the Egyptian firm has so far made a foreign direct investment total of EGP 31.7 billion ($6.9 billion) in the country.