UAE al Futtaim Group to invest 4.3bn pounds in New Cairo

Egyptian Prime Minister Ibrahim Mahlab met on Thursday with a number of officials of the United Arab Emirates (UAE) al Futtaim Group on the second day of his visit to the Gulf country.
During the meeting, the UAE officials said the Chairman of al Futtaim Group is eager to participate in the Egyptian economic conference, slated for March.
They also thanked the Egyptian premier for his efforts to settle a dispute between the UAE's group and Egypt's Housing Ministry.
"Some 4.3 billion pounds were allocated to establish two hotels, three housing projects and an administrative building in New Cairo," they said, revealing that plans are underway to establish a new branch for the group in western Cairo and invest in the new Suez Canal project.
Mahlab, meanwhile, promised to remove any obstacles facing investors.