Redcon’s affiliate braces for major medical project in UAE CGP’s Egypt debut

Big 5

Redcon Medical, an affiliate to Egyptian developer Redcon Construction, is preparing mid 2017 for a comprehensive medical project in UAE-based Capital Group Properties’ flagship Alburouj project.

The medical project will be on a space of 22,000 square metres, with initial investment cost worth around 400 million Egyptian pounds ($45 million), scheduled for the second quarter of 2017, said Hazem El-Ashry, chief executive of Redcon Medical.

Earlier in March, Capital Group Properties (CGP), owned by developers Abu Dhabi Capital Group (ADCG) and Al Ain Properties, announced its debut project in Egypt dubbed as Alburouj, with investments worth 40 billion Egyptian pounds.

Alburouj project, located between Suez and Ismailia Desert Road, spreading over 1,212 feddans, set to include 30,000 housing units.