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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
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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

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 4, 2015
UAE. July data suggested that the UAE's non-oil private sector regained some of the growth momentum that was lost at the end of the second quarter; Output and new orders both rose at sharper rates, contributing to a robust overall improvement in business conditions.
date:Posted: August 4, 2015
EGYPT. Latest data painted a bleak picture; Business conditions worsened amid declines in output, new orders and employment, although the respective rates of contraction were only slight.
date:Posted: August 4, 2015
SAUDI ARABIA. Stronger growth of the sector as a whole was mainly driven by sharper expansions in both output and new orders, while purchasing activity also rose more quickly; However, data for employment bucked the general trend, as the rate of hiring eased to a 14-month low.
UAE. July data suggested that the UAE's non-oil private sector regained some of the growth momentum that was lost at the end of the second quarter; Output and new orders both rose at sharper rates, contributing to a robust overall improvement in business conditions.
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