UAE Capital Group says pumped $167.5 mln in Egypt project phase I

Capital Group Properties (CGP), part of Abu Dhabi Capital Group, says it had invested three billion Egyptian pounds ($167.5 million) in the first phase of its flagship Alburouj in East Cairo.

The $167.5 million were directed to implement Alburouj’s infrastructure works and around 2,000 housing units there, CGP’s chief projects Amgad Hassanein said on Thursday.

“We have recently signed a construction contract worth one billion pounds with Egyptian Arabian Construction Company (ACC) to execute new works for the project,” Hassanein added.

Capital Group is set to lay the foundation stone for Sheikh Zayed Grand Mosque in Alburouj within the next month, with investments of about 500 million pounds, he said.