(MENAFN) Dubai's top developer Emaar Properties will join hands with Al Futtaim Group to construct a USD820 million retail project in Cairo, Arabian Business reported.
Both partners announced the plan on the first day of the Cityscape Global 2012 event in Dubai. The Cairo Gate project will be a major lifestyle and entertainment development on a 160 acres of land alongside the Cairo-Alexandria highway, they said in a statement.
In the first phase of the development, a mall with a gross leasable area of 120,000sqm will be built. It will feature Al-Futtaim Retail brands including IKEA, Marks & Spencer and Toys 'R' Us, as well as eating and leisure facilities and an office park.
The developers say that they expect Cairo Gate to have a catchment area of approximately 6 million people.
Emaar Misr, the Egyptian arm of Emaar Properties is currently executing its Uptown Cairo project, a USD1.95 billion development just outside the capital, and will host Egypt's largest mall, as well as residential and hotel facilities.