ICEC

Capital Group targets contracts from Alborouj up to EGP 6.5 bln

Capital Group Properties, a firm owned by leading UAE developers Abu Dhabi Capital Group (ADCG) and Al Ain properties, is planning to sign two contracts of 1.5 billion pounds to develop Alborouj project in El Shorouk City, bringing the project’s total contracts to 6.5 billion pounds.

Capital Group Properties (CGP), a firm 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.

The first contract entailed the construction of a smart village at as much as one billion pounds investments, while the second stood at 500 million pounds for building Sheikh Zayed Mosque, the firm’s chief executive said on Sunday on the sidelines of Egypt’s real estate developer forum.

Capital Group thus far has signed construction contracts worth five billion pounds, Amgad Hassanien added.

The Egyptian real estate developer has recently inked a deal with an Arab contractor to build villas in Alborouj project at total cost of one billion pounds, he noted.

In 2018, Capital Group signed contracts at combined value of 2.3 billion pounds.

Capital Group previously announced plans to increase Alborouj project’s contracts to three billion pounds this year.

In 2017, the project’s total contracts stood at two billion pounds to implement 1,213 units, according to the company’s development manager.

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