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IKEA, Marks & Spencer to enter Egypt with Cairo Festival City project
Source: BI-ME , Author: BI-ME staff
Posted: Wed May 6, 2009 5:52 pm

EGYPT. Orascom Construction Industries (OCI) announced today that an Al-Futtaim Carillion/OCI joint venture has received a letter of intent valued at US$340 million (LE 1.91 billion) for construction of the new retail center at Cairo Festival City. OCI's share of the contract is 35% or approximately US$120 million. The
project was awarded by the commercial and administrative arm of the Al-Futtaim Group.

OCI was awarded the project on a turnkey basis. The retail centre will comprise of 400 shopping units. These units will include room for retail giants such as IKEA, ACE Hardware and Marks & Spencer and a
hypermarket and cinema complex.

In addition, the retail centre will also include a retail village which will include a water amusement park, pedestrian walkways, cafes, restaurants as well as other retail shops. The total built-up area of the project will be 425,000 square metres.

The project is expected to be complete during second quarter 2012.

The OCI Construction Group ranks among the top global contractors and operates under three distinct and separate brands. Orascom Construction targets large industrial and infrastructure projects principally
in Egypt, North Africa and the Middle East. The BESIX Group undertakes major commercial, industrial and infrastructure projects throughout Europe and the Middle East. Contrack International pursues institutional projects in the Middle East and Central Asia.

To complement the construction business, OCI also owns and operates National Steel Fabrication, the largest manufacturer of fabricated steel products in the Middle East, and has investments in manufacturers
of glass curtain walling, paints and concrete pipes.

See also www.orascomci.com

 

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UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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