Dubai-based Al Futtaim Group Real Estate will showcase its Cairo Festival City, a three million sq m mixed-use community development, at an ongoing global property event in Cannes.

Mipim, the international property market, opened yesterday (March 8) and will conclude on March 11. Considered the international real estate event of the year, Mipim will bring together over 17,000 real estate professionals from around the world, a statement said.

Participating for the first time in Mipim, Cairo Festival City will showcase the latest developments including its apartment range, festival living, the Oriana villas and residences, in addition to the business district and the shopping centre “Festival Centre”.

“Despite short term uncertainties we believe that Egypt continues to look forward to a flourishing real estate industry,” said Dr Mohamed El Mikawi, managing director of Al Futtaim Group Real Estate Egypt (AFGRE).

“Whatever way you look at it, the fact of the matter is that only 60 per cent of Egypt’s housing needs are currently being met and with the population growing by almost 2 per cent year on year, developers will definitely not face a shortage in demand for some years to come.”

“The complete sale of phase one of Festival Living, just one week after its launch late last year, is a testament to the growing demand I am talking about,” he added.

El Mikawi continued: “In addition to sustained demand for housing, retail and commercial properties are two important up and coming sub-sectors of the industry. We have already seen significant growth in both over the last year and expect to see substantial expansions in these sub-sectors in the coming years as well.”

“Growth of the retail sector will continue to be fueled by Egypt’s large youth demographic, a growing affluent middle class and increasing demand for modern, international retail chains. Furthermore, two international hotels in the planning stage to cover the growing demand for the rooms in New Cairo,” he added.

“Demands we hope to meet in part, through our retail district, Festival Centre, which is expected to open in early 2012. The commercial sector is also showing strong potential and developers are only just starting to realize the potential for office space in this country. Cairo Festival City is in a prime location in New Cairo making us a very suitable option for businesses that are more and more looking to move away from crowded central Cairo areas,” El Mikawi concluded. – TradeArabia News Service