Al-Futtaim Real Estate: 40 Years of Supporting Urban Development across the Region
Updated 8/1/2023 8:00:00 AM
Arab Finance: In a recent interview with Arab Finance, Ashraf Ezz El-Din, Managing Director of Al-Futtaim Real Estate, discussed the company's investments in Egypt and how they have evolved. Al-Futtaim Real Estate has been present in the Egyptian market for about 40 years. It has invested heavily in the country based on a strategic vision and a strong belief in the country's potential for growth and development.
1-Can you tell us about Al-Futtaim Real Estate’s investments in Egypt and how they have evolved over the years?
Al-Futtaim Real Estate is dedicated to defining the fundamental principles and strategies for the company’s operations in Egypt, ensuring that we consistently provide distinguished real estate products that meet our customers' evolving needs and expectations. Our flagship project, Cairo Festival City (CFC), stands as a testament to our commitment to creating iconic mixed-use real estate developments in the Middle East and North Africa region.
CFC project has played a pivotal role in attracting investments to New Cairo, showcasing a harmonious blend of Egyptian and Gulf visions in creating a distinguished real estate product. The success achieved by Al-Futtaim Real Estate in the Egyptian market can be attributed to the unwavering support from the parent group in the UAE and their insightful vision of the Egyptian market. The selection of capable executive leaders and a dedicated work team was instrumental in establishing an approach that delivers exceptional real estate offerings in a market characterized by intense competition among companies. The company continues to build upon this foundation and remains committed to shaping the future of the Egyptian market.
2-What inspired Al-Futtaim Real Estate to expand from Dubai to Egypt, and what were some of the challenges you faced during this expansion?
The decision to expand from Dubai to Egypt was driven by the strategic vision of Al-Futtaim Real Estate, which recognized Egypt as a strategic market with immense potential for growth and development. Egypt's real estate market has consistently attracted significant investments due to its size and the strong demand for high-quality residential, commercial, and leisure spaces. Recognizing the growing need for developments that cater to the aspirations and preferences of Egyptians, we were inspired to invest in the country to contribute to its economic and social development. The resilience and attractiveness of Egypt's real estate market were among the key factors that influenced our decision.
Over the past decade, the residential market in Egypt has witnessed steady growth in both demand and prices, presenting promising returns on investment. Factors like population growth, urbanization, economic reforms, and infrastructure development have all contributed to the market's positive trajectory.
Our belief in the country's potential for growth and development is bolstering our investment in Egypt, as we see the real estate sector as a means of protection against economic inflation. With our experience and dedication to delivering exceptional real estate projects, we successfully established a strong presence in Egypt with our flagship project, CFC.
3-Al-Futtaim won the “Developer of the Year” award during the 5th edition of the Big 5 Construct Egypt 2023 exhibition. What does this award mean for the company?
The Big 5 Construct Egypt stands as a crucial exhibition, offering a platform to showcase the latest innovations and trends in the construction industry. Our active participation in this event highlights our unwavering dedication to excellence and innovation, staying at the forefront of advancements and best practices.
Winning the "Developer of the Year" award during the 5th edition of the Big 5 Construct Egypt 2023 exhibition holds profound meaning for Al-Futtaim Real Estate. This prestigious recognition is a testament to the company’s unwavering commitment to building and living better, aligning perfectly with our vision and mission in Egypt.
The award reflects our dedication to creating superior lifestyle destinations that significantly enhance the quality of life for our valued customers and the communities we are privileged to serve. It reaffirms our vision of delivering exceptional real estate projects that go beyond mere structures, prioritizing enriching living experiences for people.
4-Can you provide an overview of Al-Futtaim Real Estate's current projects in Egypt, and what are some of the unique features of these projects?
The company has a strong presence in Egypt, boasting a diverse portfolio of meticulously designed projects that create superior lifestyle destinations and contribute to the country's growth and development. Among these remarkable projects, CFC stands out as a shining example of our commitment to excellence. This fully integrated community, located in East Cairo, spans an impressive area of over 3 million square meters, offering a harmonious blend of residential, commercial, and business districts.
CFC redefines modern living by surrounding its residents and visitors with lush green spaces and ample parking facilities, providing unmatched convenience for its residents and visitors.
CFC offers an array of exceptional residential and office spaces, each thoughtfully designed to meet the diverse needs of its occupants. The Festival Living Apartments provide a sought-after living experience, seamlessly blending contemporary design and comfort amidst serene green surroundings. For those seeking exclusivity, the Oriana Villas exude elegance, offering spacious layouts and access to world-class amenities. Additionally, Festival Tower caters to modern businesses, providing state-of-the-art office spaces designed to foster productivity and innovation.
The company's investments in Egypt signify our firm belief in the country's potential for economic growth and our commitment to positively impact its development. We uphold a culture of continuous growth and innovation, constantly seeking new opportunities and projects that align with our vision and mission.
5-How has Al-Futtaim Real Estate's financial performance been in Egypt, and what are some of the key factors that have contributed to this performance?
Resilience and strategic navigation of the challenges posed by economic uncertainties mark the company's financial performance in Egypt. One of the key factors contributing to this performance is the company’s strong track record, expertise, and parent group backing in the real estate sector.
The real estate sector has faced economic uncertainties that may impact its stability and growth, posing risks for investors and potentially affecting the value of properties. Nevertheless, Al-Futtaim Real Estate remains confident in its ability to overcome these obstacles. Our commitment to delivering on its promise of enriching people’s lives has been a driving force in mitigating these challenges. The company’s strategic approach positions it well to navigate the complexities of the real estate market in Egypt and continue delivering positive financial performance.
6-What are some of the key trends that you see in the real estate market in Egypt, and how is Al-Futtaim Real Estate positioning itself to take advantage of these trends?
The company has observed several key trends in the real estate market in Egypt that are shaping our approach and strategies to ensure we remain at the forefront of the industry. One prominent trend is the growing demand for high-quality mixed-use developments that offer a seamless integration of residential, commercial, and leisure spaces. The company recognizes this evolving preference of customers, and we are strategically positioning ourselves to capitalize on this trend.
Our flagship project, CFC, serves as proof of our dedication to developing exceptional lifestyle destinations that cater to the diverse needs of our customers. Another significant trend is the increased focus on sustainable and eco-friendly developments. As environmental awareness grows, there is a rising demand for projects that prioritize energy efficiency, green spaces, and eco-conscious design. We understand the importance of sustainability, and we are incorporating green building practices and environmentally friendly initiatives into our projects, aligning with the global movement towards sustainable development.
Additionally, technological advancements are rapidly transforming the real estate landscape. From smart homes to digital customer experiences, technology is becoming an integral part of the real estate sector. At Al-Futtaim Real Estate, we are embracing these technological innovations to enhance customer experiences, optimize property management, and stay ahead of the curve in this digital age.
Furthermore, Egypt's economic reforms and infrastructural developments are opening new opportunities for real estate growth. The company is actively monitoring these developments and leveraging our expertise and strategic partnerships to explore and invest in areas that align with the country's economic vision.
7-How do you see the competition in the real estate market in Egypt? And how does it affect your decisions?
In the fiercely competitive real estate market in Egypt, maintaining a competitive edge is of high importance. At Al-Futtaim Real Estate, we recognize the significance of staying at the forefront of industry trends and consistently endeavor to develop innovative projects that exceed the expectations of our current and prospective residents. Our consistent commitment lies in creating unparalleled lifestyle destinations that enrich the lives of our valued customers and communities.
Our projects, including the renowned CFC, are meticulously master planned to offer a harmonious fusion of residential, commercial, leisure, and entertainment facilities. This curation caters to the diverse needs and preferences of our discerning clientele.
Our vision for real estate developments in Egypt revolves around the creation of exceptional lifestyle destinations. These destinations go beyond mere structures; they embrace a comprehensive array of superior amenities and services. We strive to seamlessly integrate residential, commercial, and hospitality accommodations that are all thoughtfully designed to complement our distinctive retail, leisure, and entertainment offerings. To achieve success in this competitive landscape, we maintain a proactive approach. We continually assess market dynamics, conduct thorough market research, and closely monitor consumer preferences. By consistently raising the bar, we aim to set new benchmarks of distinction and create enduring value for our customers and stakeholders alike.
8-How does Al-Futtaim Real Estate ensure that its projects in Egypt are sustainable and environmentally friendly, and what are some of the initiatives you have undertaken in this regard?
Al-Futtaim Real Estate places a strong emphasis on ensuring that its projects in Egypt are not only successful but also sustainable and environmentally friendly. We firmly believe that sustainability is a crucial aspect of real estate development, and we strive to integrate it into every stage of our projects. At Al-Futtaim Real Estate, we recognize that sustainability encompasses multiple dimensions. Therefore, we have implemented a comprehensive approach that addresses various aspects of sustainability in our projects. We are committed to delivering high-quality products, focusing on design, construction, and facility management to ensure customer satisfaction and long-term value.
In terms of environmental stewardship, we have undertaken numerous initiatives to minimize the environmental impact of our projects in Egypt. We prioritize the integration of energy-efficient systems and sustainable technologies into our buildings. These measures help reduce energy consumption, lower greenhouse gas emissions, and promote resource conservation. Additionally, we employ sustainable construction practices, including the use of eco-friendly materials, waste reduction strategies, and efficient water management systems.
The company is also dedicated to social responsibility and community development. We actively engage with local communities to make a positive social impact. Among these initiatives was our collaboration with the VeryNile initiative at Qursaya to clean the Nile River of recyclable plastic waste.
These efforts aim to create vibrant and inclusive communities that foster a sense of belonging and well-being among residents. By adopting renewable energy sources and implementing energy-efficient measures, we aim to contribute to Egypt's sustainable development goals and the prosperity of the region as a whole.
Related News
