Capital Group Properties (CGP), a major property developer in Egypt, raised its capital by EGP 772 mn in July as part of its plans to step up the pace of construction at its Al Burouj residential community in East Cairo, one of the largest integrated residential projects in the area, Invest-Gate reports.

CEO Ahmed Aref said the capital injection aims to boost execution rates at the project, adding that CGP plans to increase capital by EGP 5 bn in the next five years. The company is focused on accelerating construction and delivery of housing units to customers, he said.

“CGP aims to hand over 385 housing units this year, bringing total deliveries so far at Al Burouj to 2,623 units. The company has issued a tender for another 900 units in cooperation with major contractors working in Egypt,” Aref stated.

The CEO stressed CGP, owned by Abu Dhabi Capital Group and UAE’s Al Ain Companies, is keen to execute Al Burouj based on the time frame and quality standards required, in line with its commitments to customers.

Al Burouj, located between the New Administrative Capital and the Fifth Settlement area, spans 5 mn sqm and will include a total of 15,000 housing units once completed. Total investments in the project are estimated at EGP 68 bn.