UAE-based CGP to execute $5.1bn urban project in Egypt

Capital Group Properties (CGP), owned by Abu Dhabi Capital Group (ADCG) and Al Ain properties, is to carry out an integrated urban project in Al Shorouk City Assistant Minister of Housing Khaled Abbas said on Wednesday.

Abbas told reporters that the project is with total investments of 40 billion Egyptian pounds (US$5.1 billion) of which the company has paid 800 million Egyptian pounds as first tranche to the New Urban Communities Authority (NUCA); dedicated to utilizing the project so as to start carrying out the project

The official added that the project is located at Cairo Ismalia Desert Road near to International Medical Center.

Capital Group Properties (CGP) is a company owned by Abu Dhabi Capital Group (ADCG) and Al Ain properties, leading global developers with diversified investment portfolios and an extensive land bank of prime locations world-wide.