Talaat Moustafa Group introduces new project with EGP 500bn investments

Talaat Moustafa Group Holding (TMG Holding) said that its subsidiary the Arab Company for Projects and Urban Development is finalising procedures to sign a contract with the New Urban Communities Authority (NUCA) to obtain 5,000 feddans in Capital Gardens City.

The company plans to build a new sustainable city featuring 140,000 residential units as well as commercial, administrative, medical, and educational facilities and a sports club with investments of EGP 500 billion.

Direct and indirect taxes on the project will reach about EGP 110 billion, the company said, adding that about 3.3 million direct and indirect jobs will be created.

Upon completion, the new city, expected to accommodate about 600,000 people, will include a 37-feddan campus, a 90-feddan sports club, a five-star hotel, and schools over an area of 30 feddans.

The land plot will be paid for through a combination of cash payments and residential units.