Al-Futtaim to invest US$700m in Egypt

Cairo

DUBAI-BASED conglomerate Al-Futtaim Group said on Tuesday it would invest US$700 million in Egypt over three years and pay the government US$30.5 million as part of a settlement reached last week over a long-standing land sale dispute.

Mohamed al-Makkawi, Al-Futtaim's Egypt CEO, told reporters the investments would be directed towards new projects in a second phase of the company's Cairo Festival City development, including a hotel and nearly 500 housing units. Mr Makkawi also said Al-Futtaim had agreed to pay US$30.5 million within 90 days as part of a settlement announced on Wednesday by the government.