Al Futtaim awards $76m Cairo villa contracts
Cairo, August 4, 2009
Al Futtaim Group, which is developing the Cairo Festival City, has signed two contracts together worth EGP419 million ($75.7 million), with SIAC and the Arabian Construction Company (ACC), for the first phase of the city's residential district.
SIAC, which has already begun construction, was awarded a EGP316 million contract and ACC, expected to begin developing Oriana’s infrastructure early September, won a EGP103 million contract.
“Phase one, which will see the completion of 172 of the final 480 villas, is a huge step forward for Cairo Festival City. We are happy with the construction progress so far and expect this phase to be completed by end of 2011,' stated Mohamed El Mikawi, Cairo Festival City’s senior general manager.
This first phase will generate 850 direct employment opportunities to local Egyptian workers, engineers, administrators and technicians over a period of 20 months. Additionally, a large number of indirect job opportunities will also be created in the process.
Cairo Festival City’s employees will be working with Mivan, the highly respected international consulting company which will be providing them with training to use the MFE system. The latter is a state of the art aluminum framework which surpasses the levels of accuracy and quality that are currently available in the Egyptian market.
The Oriana master plan, designed by WATG, will span across 850,000sqm once completed. Of this land 80 per cent will be dedicated to landscape, open areas and gardens.
The villas which will feature French, Italian and Spanish architectural influences will make up only part of the residential district which will be complemented, by smaller more affordable apartments.
Along with the residential district, Cairo Festival City will also offer Egypt’s first indoor-outdoor retail experience, commercial office space, and hotels.-TradeArabia News Service