By: Abdullah Bedir
Cairo – Mubasher: Capital Group Properties, owned by Abu Dhabi Capital Group (ADCG) and Al Ain Properties, on Monday said that it signed subcontracts for developing Alborouj Project, in Al-Shorouq City, East Cairo, amounts to EGP 3 billion during 2018.
The total value of subcontracts, to build 1213 residential units, reached EGP 2 billion in 2017, Ahmed Fathi, head of the company’s development sector, said.
Contracts were awarded to major companies in the Egyptian real-estate market, such as, Hassan Allam Holding and Dorra Group, Fathi added, during a tour visit to the site.
The project enjoys a perfect location, near New Cairo City and Cairo International Airport, and will include Al Sawy Cultural Wheel, CADMUS International Schools, and a smart village, with total investments amount to EGP 40 million, CEO Amgad Hassanien said.
Capital Group is considered the biggest foreign investor to inject direct investments in the Egyptian real-estate market, worth around $300 million, Hassanien added.
Translated by: Mohammad Shokhba
