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Tuesday, 11 October 2016

Redcon Medical to inject EGP 500 mn in initial investments in medical park in Alburouj

Redcon Medical, a subsidiary of Redcon Construction, plans to inject EGP 500 mn as initial investments in a medical park within Capital Group Properties’ Alburouj, said the firm’s managing director for financial affairs, Al Mal reported. The park will span over an area of 22k sqm and will be built over three phases, with construction set to start by the beginning of next year. The initial investment estimate will be used to buy the land plot, as well as equipment. While Chairman Hazem El Ashry previously said that the park would cost around EGP 400 mn, the financial affairs executive claims that the total cost of the project is yet to be determined, adding that the project will be partially financed through bank loans.

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