Egypt-based innovative community developer Capital Group Properties (CGP) announced Tuesday signing a memorandum of understanding (MoU) with Smart Villages Company to build a new smart village in east Cairo.
Dubbed as Smart Village East, the project will locate in CGP’s flagship Al Burouj, with initial costs of one billion Egyptian pounds ($56.7 million).
CGP asserted in a statement thethe positive impact of establishing smart cities and technology parks on Egypt’s economy.
Smart cities act as a stimulantto the creation of great job opportunities and new investments;the current Smart Village in West Cairo is a live proof, the statement added.
Located in Cairo’s west suburb, the current smart village is considered a specialised complex of smart technologies in the region, therefore, it was essential to establish a new one at East Cairo, the statement concluded.
Capital Group Properties (CGP), is owned by Abu Dhabi Capital Group (ADCG) and Al Ain Properties.