CAIRO, Oct 7 (Reuters) - Dubai-based firm Al-Futtaim raised 2 billion Egyptian pounds ($365 million) in a syndicated loan to finance construction of commercial space in its Cairo Festival City development, an Egyptian daily said on Wednesday.
The development, to be built in the suburb of New Cairo west of the capital, will contain 298,000 square metres of office and retail space, of which 159,000 square metres will be leased.
'The project will be built on the model of Dubai Festival City and cover 3 million square metres at an investment cost of 20 billion Egyptian pounds,' the daily Al-Akhbar reported.
There was no immediate comment from Al-Futtaim.
The project also will include residential units and schools.
Among the participating banks are HSBC Egypt, Commercial International Bank, Banque Misr, Banque du Caire, Arab Bank, Arab African International Bank and Misr Iran Development Bank, the newspaper reported.
(Writing by Patrick Werr; editing by Elaine Hardcastle) Keywords: ALFUTTAIM EGYPT/ (patrick.werr@thomsonreuters.com; +20 2 2578 3290/1) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The development, to be built in the suburb of New Cairo west of the capital, will contain 298,000 square metres of office and retail space, of which 159,000 square metres will be leased.
'The project will be built on the model of Dubai Festival City and cover 3 million square metres at an investment cost of 20 billion Egyptian pounds,' the daily Al-Akhbar reported.
There was no immediate comment from Al-Futtaim.
The project also will include residential units and schools.
Among the participating banks are HSBC Egypt, Commercial International Bank, Banque Misr, Banque du Caire, Arab Bank, Arab African International Bank and Misr Iran Development Bank, the newspaper reported.
(Writing by Patrick Werr; editing by Elaine Hardcastle) Keywords: ALFUTTAIM EGYPT/ (patrick.werr@thomsonreuters.com; +20 2 2578 3290/1) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
