Capital Group Properties, a real estate development company, have developed the ‘Alburouj’ project with investments worth EGP40bn. The site of the project is 1,212 acres and it will create 30,000 housing units in the area between Suez and Ismailia Desert Road.
“Capital Group has trust in the Egyptian real estate market,” Jassim Al-Seddiqi, a member of the Board of Directors, said “There have been positive developments on economic and political levels in the market, especially as the government is looking to permanently eradicate obstacles facing local and foreign investors, which is further driving the group to strengthen its presence in the Egyptian market.”
During a press conference held by the company on Monday, Al-Seddiqi said: “Capital Group has a history of real estate achievements in several countries, including the United Arab Emirates, England, and the Seychelles. The shareholders in the implementation of the ‘Alburouj’ project are Abu Dhabi Capital Group and Al Ain Properties.”
The company paid $100m to the New Urban Communities Authority to change the licence from touristic to urban habitable, which is the first instalment of the full amount required to deliver utilities and fees to launch the project, Al-Seddiqi said.
Capital Group Properties Chief Executive, Walid El-Hindi, said the project will provide 50,000 jobs and the company will rely on Egyptian workers to assist with major global and Egyptian consulting offices.
The company will seek further government communication to support investments, El-Hindi said.
‘Alburouj’ project has nothing to do with the new Administrative Capital project, which will be carried out by the government, the chief executive said.
During the conference, Minister of Housing Mostafa Madbouli said in his speech that the government is keen to overcome any obstacles and encourage Arab investments and calls for Arab investors to work in the Egyptian market. The minister said that Capital Group Properties is adding to the Egyptian market.