Al Futtaim Capital, the investment and development subsidiary of Al Futtaim Group, has deployed a third of its $500 million (Dh1.84 billion) real estate fund in Egypt and Morocco projects. The company is studying opportunities in Qatar, Abu Dhabi and Libya.

The sources said that in February 2007, Al Futtaim Capital has rolled out the $500m real estate development fund to focus on large-scale urban mixed-use developments in the Middle East and North Africa.

The sources further added that the conglomerate is a major shareholder in the Cairo facility, which is into retail development.