Egypt’s Talaat Moustafa signs agreement to carry out housing projects in Saudi Arabia

Egyptian property firm, Talaat Moustafa Group (TMG) signed a framework agreement with Saudi Ministry of Housing Saturday to be the general developer to carry out comprehensive housing project in Saudi Arabia.

Upon the agreement, TMG would draw the designs of the projects, promote and sell the unit.

Signing the agreement between the two parties isn’t binding for either of them, however, it is considered to be a step toward realizing its goals taking into account the necessary financial sources and human capabilities.

TMG’s consolidated financial results recorded net profits of 761.576 versus net profits of 681.804 a year earlier with a growth rate of 12 percent.