Al-Futtaim to invest $700 mln in Egypt after dispute settled

Dubai-based conglomerate Al-Futtaim Group said on Tuesday it would invest $700 million in Egypt over three years and pay the government $30.5 million as part of a settlement reached last week over a long-standing land sale dispute.

Mohamed al-Makkawi, Al-Futtaim's Egypt CEO, told reporters the investments would be directed towards new projects in a second phase of the company's Cairo Festival City development, including a hotel and nearly 500 housing units.

Makkawi also said Al-Futtaim had agreed to pay $30.5 million (217.9 million Egyptian pounds) within 90 days as part of a settlement announced on Wednesday by the government.

Egypt is seeking to clear a backlog of such disputes to help win back foreign investors spooked by political and economic turmoil since the 2011 uprising.