Mivan blazes a trail with new £90m Egyptian deal
Construction firm Mivan has secured one of the largest contracts in its history for a major development in Egypt.
The Antrim-based company has won a £90m-plus construction deal with Al Futtaim Real Estate Development at the Cairo Festival City project.
Mivan, which employs 375 people worldwide, will be tasked with building two double offices, 10 apartment blocks and three retail units over the next three years.
It is the second contract Mivan has secured with Al Futtaim, having recently constructed a number of themed villas also on the Cairo Festival City site.
The contracts are Mivan's first in Egypt during a 35-year history that has spanned over 40 countries. Mivan acting chief executive Mervyn McCall said: "The Festival City project in Cairo is one of the most impressive masterplans for the region.
"Egypt and Cairo in particular is going through exciting changes and Mivan is pleased to be involved with its development.
"This series of contracts also marks our first project with Al Futtaim, a global player in every sense."
Mohamed El-Mikawi, managing director from Al Futtaim Group Real Estate LLC added: "The combination of Egypt's dynamic real estate industry, the groundbreaking concept of Cairo Festival City as a premier mixed-use urban community and internationally-renowned partners such as Mivan, offer a win-win situation for all stakeholders, including consumers, retailers, local manufacturers and investors.
"Just as Al Futtaim Group Real Estate has done with Dubai Festival City, at Cairo Festival City we're looking forward to showcasing the best of what Egypt has to offer by combining the finest shopping, dining, entertainment, homes, school, offices and leisure activities in one beautiful, easily-accessible area of Greater Cairo."
Spanning three million square metres, Cairo Festival City is a mixed use urban community located just 15 minutes from Cairo International Airport. It features Cairo's first indoor-outdoor retail and entertainment resort combined with luxury residential communities, prime office spaces, internationally renowned hotels, schools and an automotive park.