Business & Money | Wednesday 27 September, 2017 4:00 am |

Al-Futtaim Group Real Estate has been honoured by Forbes Middle East as one of the largest, unlisted mixed-use developers in the Middle East. The Group has had a stellar year with continuous expansion and growth of its popular destinations Dubai and Cairo Festival City which continue to attract visitors, residents and businesses alike. As Al-Futtaim Group Real Estate heads into 2018, it also has ambitious plans for all its major projects across the region.

The Forbes Middle East ranking of the top 40 unlisted real estate companies highlights those developers who have been making an impact in the Arabian Real Estate industry for many years. The prestigious publication awarded the organisations who bring billions of dollars to their countries’ economies, helping the Arab world to continue to prosper and stand firm on a global stage.

Al-Futtaim Group Real Estate was recognised as one of the largest mixed-use real estate developers in the region, with an extensive multi-million dollar portfolio of individual corporate real estate and investment assets across the Middle East and North Africa region.

 

The Forbes award took into account the growing portfolio of Al-Futtaim Group Real Estate both in the UAE and further afield. Dubai Festival City has enjoyed an exceptional year with developments across the site. The latest residential project, Marsa Plaza, which offers modern Creekside living with easy access to the airport, Mall and other conveniences is just one example of how Al-Futtaim Group Real Estate is aligning the needs of the market with its own vision. In addition to residential, the retail and corporate offerings at Dubai Festival City have continued to grow year on year. The commercial office space, Festival Tower, is nearly at capacity and attracting such high profile companies as the Federal Competitiveness Statistics Authority (FCSA) who have designed a cutting edge workplace environment for their employees. Also of note is the growing leisure offering - Festival Centre hosted the UAE link-up to the world’s most popular dance music festival - Tomorrowland, to a sell-out crowd.

Al-Futtaim Group Real Estate is also continuing to develop its concepts across other markets – the Cairo Festival City development is on track to be completed in 2022 and has so far reached 48% of project completion. Cairo Festival City is a mixed-use urban community located east of the ring road in New Cairo, Egypt with three million square metres of residential, commercial, retail and mixed-use areas.

A spokesperson from Al-Futtaim Group Real Estate said: “We are pleased to have received this honour from Forbes Middle East recognising our achievements in offering premium mixed-use destinations that have been strategically developed to work as fully operating communities, catering to each individual territory’s needs. We are extremely proud of how far we have come with our offering over the last decade and are committed to continuing to offer exemplary developments that reinforce our position as a lead developer. We are looking forward to 2018 with excitement and will be soon be making further announcements in regards to upcoming developments,” he added.

Al-Futtaim Group Real Estate has a wide portfolio of products – ranging from built to sale, built to lease, hospitality assets and retail.