Dubai-based developer Al-Futtaim Real Estate is planning to build two hotels in Cairo.

The two planned developments will be a four-star and a five-star hotel, with an initial investment estimated at $71.2m, at the Cairo Festival City development.

The company said in a press statement that it plans to start work on the two hotels in 2017.

Earlier this year, Al-Futtaim said it will not take part in the first phase of Egypt’s New Capital City project.

Local media quoted the company’s managing director as saying Al-Futtaim is not interested in the new city or any tourism projects across the country.

However, the developer said it will increase investment in its Cairo Festival City projects by $230m.