How We Present
Al-Futtaim, Emaar plan $820 mln Egypt investment
Reuters Translate This Article
2 October 2012
DUBAI (Reuters) - Al-Futtaim Group and Emaar Properties, two real estate developers from the United Arab Emirates, plan a 5 billion Egyptian pound tie-up to build a retail and entertainment complex outside Cairo, Al-Futtaim said on Tuesday.
The companies said they reached a preliminary decision to develop the 'Cairo Gate' complex on 160 acres of land off the Cairo-Alexandria desert highway, a statement said.
A shopping mall would be the centrepiece of the development, complemented by an office park, luxury hotel, schools, medical facilities and residential space.
Al-Futtaim did not say when the agreement on the venture might be finalised or when construction would be completed.
The two companies already have substantial investments in Egypt; Emaar has a real estate investment portfolio in the country of 31.7 billion pounds, the statement said.
Gulf investors have shown more interest in investing in Egypt since the election in June of President Mohamed Mursi, whose government has requested a $4.8 billion loan from the International Monetary fund to help stabilise state finances.
© Copyright 2012 Reuters
Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. 'Reuters' and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies. For additional information on other Reuters media services please visit reuters.com/newsagency .
Every day Global Good News documents the rise of a better quality of life dawning in the world from good news reported by the press; and highlights the need for introducing Natural Law based—Total Knowledge based—programmes to bring the support of Nature to every individual, raise the quality of life of every society, and create a lasting state of world peace.
Translation software is not perfect; however if you would like to try it, you can translate this page using:
Send Good News to Global Good News.