UAE-based CGP to invest 3 bln pounds in Alburouj New Cairo in 2018

Capital Group Properties (CGP), part of Abu Dhabi Capital Group (ADCG), says it plans to pump investments of three billion Egyptian pounds ($170 million) into its fully-fledged urban flagship Alburouj in New Cairo within 2018.

New Cairo city is located on the southeastern edge of Cairo, 25km (15.5 miles) from Maadi. It was established in 2000 by presidential decree No. 191.

Capital Group has so far injected total investments worth one billion pounds into the project in order to execute 1,213 housing units, said its chief projects Amgad Hassanein on Monday.

“The project includes the implementation of a central park on a space of 70 faddans as well the first phase of a smart village, with investments estimated at 40 million pounds,” Hassanein further added.