Capital Group Properties (CGP), an innovative community developer based in Egypt, UAE, is set to build a new smart village at its flagship Al Burouj development in east Cairo.

Dubbed as Smart Village East, the project is being implemented by CGP, a joint venture between UAE firms Abu Dhabi Capital Group and Al Ain Properties, with an initial investment of E£1 billion ($56.7 million), reported Amwal Alghad.

The company has signed an agreement with Smart Villages Company, a high-technology business district in the city of 6th of October, Egypt in this regard.

CGP pointed out that the establishment of such smart cities and technology parks would give a major boost to Egypt’s economy, said the report.

Smart cities act as a stimulant to the creation of great job opportunities and new investments; the current Smart Village in West Cairo is a live proof, it added.