Talaat Moustafa targets development flagship in Egypt’s new capital
Egypt’s property developer Talaat Moustafa Group Holding (TMGH) plans to start developing a project in the state’s New Administrative Capital City, 40km (24.8 miles) east of Cairo after Eid al-Fitr, its chief executive Hisham Talaat Mostafa said Monday.
The Cairo-based real estate development company attained around 500 feddans in the new capital, at a total value worth 4.4 billion Egyptian pounds ($245.2 million), Mostafa further added.
The company is currently studying the new project with the Egyptian government and is set to reveal it within the next five and six months, according to the business tycoon.
“TMG’s total investments are estimated at 35 billion pounds in the new capital,” Mostafa noted.
Moreover, the Egyptian property giant has denied suspending negotiations with the Saudi housing ministry over a housing project in the Kingdom.