Talaat Moustafa Group (TMG), a leading real estate developer in Egypt, said on Sunday that it will launch Banan City, a new smart residential city in Al Forsan suburb east of Riyadh, with total investment of 40 billion Saudi riyals ($10.7 billion).
Talaat Moustafa Group has signed the partnership with Saudi National Housing Company (NHC), on the side-lines of the Cityscape Global Exhibition, according to the statement.
The city will provide 27,750 thousand residential units, including villas and apartments, on a total area of 10 million square meters. The project will also allocate 40 percent of its area to vast open green landscapes.
The project will be multi-use, as it includes integrated services such as: health, educational, and commercial services, a sports club, and public service areas.
Hisham Talaat Moustafa, CEO of Talaat Moustafa Group said that the project is one of the largest regional partnerships concluded by NHC with regional real estate development companies.