Wednesday, Sep 17, 2008
BEIRUT (Zawya Dow Jones)--Egypt's Talaat Moustafa Group plans a new real estate project in Jeddah in Saudi Arabia where its investments will hit 10 billion Saudi riyals ($2.66 billion), pan-Arab daily Asharq Al Awsat reports Wednesday.
It also intends to expand in other Arab countries after it assesses the profitability of its projects in the kingdom, the paper reports citing Tarek Talaat Moustafa, the company's new chairman.
Talaat Moustafa Group will also embark on three projects in Egypt; two of them will involve the construction of one hotel in Luxor city and another one in Sharm Al Sheikh, he added.
The group also plans to expand in other non-Arab countries in the hotel sector, said Moustafa who replaced his brother Hisham arrested in the case of the murder of Lebanese singer Suzanne Tamim.
The company will continue in its overseas strategy and isn't affected by the arrest of its former chairman, he said according to the paper.
Newspaper Web site: www.asharqalawsat.com
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2008 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
17-09-08 0637GMT
