Capital Group Properties (CGP) announced Tuesday, a company owned by leading UAE developers Abu Dhabi Capital Group (ADCG) and Al Ain properties, that it has launched ‘Alburouj,’ an integrated residential community project in Egypt.
Jassim Al-Seddiqi, a member of the Board of Directors, said that his company aims at providing modern residential units with competitive prices. The project will be developed with a cost estimated at EGP 40 billion ($4.47 billion) to build 30.000 residential units.
He added that the project is spread over 1212 acres, it aims to provide housing to all segments of society, and in addition he said that his company trust in Egyptian real estate market. The project area is between the Suez and Ismailia Desert roads.
During a press conference held by the company on Tuesday, Al-Seddiqi said that Capital Group has a history of real estate achievements in several countries, including the United Arab Emirates, England, and the Seychelles. In addition, the shareholders in the implementation of the ‘Alburouj’ project are Abu Dhabi Capital Group and Al Ain Properties.
The company paid $100m to the New Urban Communities Authority to change the license from touristic to urban habitable, which is the first installment of the full amount required to deliver utilities and fees to launch the project, Al-Seddiqi said.
Capital Group Properties Chief Executive, Walid El-Hindi, said the project will provide 50,000 jobs and the company will rely on Egyptian workers to assist with major global and Egyptian consulting offices.
The company will seek further government communication to support investments, El-Hindi said.