Talaat Moustafa to launch $16.7mn project in New Cairo

Egypt’s property developer Talaat Moustafa Group Holding (TMG) said on Sunday it plans to launch a new project under the name of Spine in Madinaty city, New Cairo, at a cost of 300 million Egyptian pounds ($16.7 million).

The project will be executed on a space of four million square metres within a timeframe of 17 months. It is set to include a number of housing and commercial units besides hotel apartments.

During the first nine months of 2018, the company’s profits rose 13 percent to 1.18 billion pounds from 1.05 billion pounds during the same period in 2017.