United Arab Emirates-based real estate company Al-Futtaim Real Estate has announced its plans to launch a new residential project in Egypt, reported Zawya.

Al-Futtaim Real Estate managing director Ashraf Ezz El Din told the website that instead of purchasing the houses altogether, the units can be directly leased by clients of his business, with the prospect of owning them at a later date.

The real estate company emphasised that its previous flagship project, Cairo Festival City (CFC), has contributed to the revitalisation of the New Cairo satellite city.

El Din said: “This innovative model sets a new standard in the Egyptian market and allows for direct engagement with our brand.”

“As we continue to shape the urban landscape, our goal is to replicate the success and impact of our flagship project, Cairo Festival City. We view these upcoming endeavours not just as real estate ventures but as integral contributors to the dynamic fabric of the region, aligning with our broader vision.”

El Din added: “Our extensive experience and strategic partnerships empower us to strategise effectively, minimising disruptions to our supply chains and optimising project timelines.

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“We actively seek opportunities to expand our portfolio and prioritise projects that positively impact the communities we serve.”

The finished CFC project project features residential, commercial, and business districts.

Stretching across an area of three million square metres, the mixed-use development consists of 2,300 residential units, more than 300,000m² of office area, a school, a car park, and a shopping centre.