Capital Group Properties (CGP) Real Estate Development launched its first project in the Egyptian market with a total investment amounting to EGP 40bn ($5 billion), according to a press statement.
CGP seeks to establish an integrated urban community in the area between the Suez and Ismailia Desert roads, to provide modern residential units at competitive prices, according to the statement.
The project aims to provide housing to all segments of society. The company has purported that the project will provide 50,000 direct and indirect job opportunities.
“The total project area is 1212 acres, which is the equivalent of 5m sqm,” the statement read.
CCP CEO Waleed El-Hindawy said the Egyptian real estate market is a promising and attractive market for investment.
El-Hindawy claimed that Egypt is an ideal area for investment, given its political, economic and legislative environment. He also claimed that the Egypt government has made positive steps to attract foreign investments.
El-Hindawy noted that the project’s labor force will be fully Egyptian, with the assistance of major Egyptian and international consulting offices.
He pointed out that the company has implemented several large-scale projects in many countries worldwide, including the United Arab Emirates, the United Kingdom, Seychelles, Montenegro, and Sri Lanka, noting that the principal shareholders in the company are Al Ain Properties and Abu Dhabi Capital Group.
Daily News Egypt