Dubai-based developer Al-Futtaim, which owns and operates shopping malls, hotels and schools in the Middle East and North Africa, is adding an extension to Cairo Festival City Mall that will bring 120 new stores, the company said on Thursday.
The 22,143-square metre extension, called Festival Avenue, will feature 60 retailers, 20 food and beverage stores, as well as "two brand new entertainment concepts," Al-Futtaim said in a statement sent to Ahram Online. It will provide 1,000 parking places for shoppers and visitors.
“The retail sector in Egypt is witnessing huge growth and we want to further support its development," CEO of Al-Futtaim Malls Timothy Earnest said.
The extension is expected to draw more visitors to the mall on the eastern outskirts of Cairo, which the company says serves a population of more than 3 million.
The company did not mention when the expansion project would be completed or when the new building would be open to visitors.
Opened in 2013, Cairo Festival City Mall is now home to over 300 shops with flagships including IKEA, the world’s biggest furniture group, according to the CFC website.
In addition to its real estate business, Al-Futtaim owns a portfolio of automotive and retail brands in the Middle East, Africa and Asia.