Project located northeast of Cairo near proposed New Capital City

" /> Project located northeast of Cairo near proposed New Capital City

" /> Project located northeast of Cairo near proposed New Capital City

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EXCLUSIVE: UAE investors receive bids for $5bn Egypt scheme

03 July 2017

Project located northeast of Cairo near proposed New Capital City

Capital Group Properties, an Egyptian real estate company owned by the UAE’s Abu Dhabi Capital Group and Al-Ain Properties, is currently evaluating bids from contractors for work on its $5.1bn mixed-use project in Egypt, sources close to the scheme have told MEED.

The developer received bids from contractors in June and is set to award a number of packages for the first phase of the scheme by the end of the year.

The Al-Burouj project is located in Al-Shorouk city, north east of Cairo near the proposed New Capital City scheme.

It is understood the development will be made up of 30,000 apartments and a convention centre as well as office, retail and hospitality space.

The developer also recently announced it is planning on building a 100,000-square-metre smart village within the masterplanned community.

In 2016, MEED reported that assistant housing minister Khaled Abbas had told local reporters at a conference in Cairo that the project’s total investment will be $5.1bn, “of which the company has paid £E800m [$44.3m] in the first tranche to the New Urban Communities Authority (NUCA); dedicated to start carrying out the project”.

 Outlook Egypt 2017 report

Outlook Egypt 2017 report

Outlook Egypt 2017 report

MEED’s latest insight report – Outlook Egypt 2017 – identifies the main investment opportunities in the core sectors of the economy: energy; industry; power and water; construction; and transport. It explains how the sectors are structured, details key government bodies and sets out the main projects that are planned or under way. Buy it here

 

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