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Al-Futtaim to invest $700m in Egypt after dispute settled

Cairo Festival City development
Cairo Festival City development
Dubai-based conglomerate Al-Futtaim Group said on Tuesday it would invest $700 million in Egypt over three years and pay the government $30.5 million as part of a settlement reached last week over a long-standing land sale dispute.
Mohamed al-Makkawi, Al-Futtaim's Egypt CEO, told reporters the investments would be directed towards new projects in a second phase of the company's Cairo Festival City development, including a hotel and nearly 500 housing units.