UAE-based Al-Futtaim Group Real Estate is set to invest E£2.5 billion ($279 million) over the next two years to complete the second phase of the Cairo Festival City project, said a report.

The second phase of the project includes 300 residential units, 240 villas and five administrative buildings over 53,000 sq m of land, reported Amwal Alghad, citing a top official.

In addition, the company will pump E£1.5 billion ($167 million) into the project this year, said Mohamed Al Mikawi, the managing director.

So far, the company has completed the project's first phase, which represents 40 per cent of the whole project, at an investment of E£7 billion ($782 million).

The total investment for the Cairo Festival City project is expected to hit E£20 billion ($2.2 billion) by 2022, added Al Mikawi.