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Thursday, 25 August 2016

Capital Group Properties signs MoUs for EGP 40 bn Alburouj project

Capital Group Properties has signed MoUs with Smart Village, SABIS, Africa Crest Education, El Sawy Culture Wheel, food company Al Bustan, and Medical Park Redcon to develop projects Alburouj, which it is billing as an EGP 40 mn integrated community, Al Mal reported on Wednesday. The firm will build an EGP 200 mn school complex set to include a new school under the SABIS network, which manages the International School of Choueifat. The project will also include an EGP 400 mn medical complex, a culture centre, a 70 feddan organic farm and a 100K sqm administrative complex, the latter which will be built by Smart Village. Capital Group, an Egypt-based JV between UAE companies Abu Dhabi Capital Group and Al Ain Properties, received approval from the cabinet on Tuesday to build the 1,200-feddan project.

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