The real estate development firm, Capital Group Properties (CGP) signed five memorandum of understanding (MOU) with local and international institutions among its integrated residential community project dubbed as Alburouj, its CEO Walid El Hindi said Wednesday.
The local and international institutions that have signed the agreement include Smart Villages Development and Managment Company (Svc), Smart Village, The International Schools of Choueifat, El Sawy Culture Wheel, AL BUSTAN for Food Industries and Redcon Medical Park.
Capital Group Properties (CGP) Company is owned by leading UAE developers Abu Dhabi Capital Group (ADCG) and Al Ain properties.
In addition, the company has received the ministerial decree to carry out the new project that will be developed with a cost estimated at EGP 40 billion ($4.47 billion) to build 30.000 residential units.
It is spread over 1212 acres, it aims to provide housing to all segments of society; located between the Suez and Ismailia Desert roads.