Egypt's TMG negates launching new real estate company

The real estate developer denied reports about establishing a new real estate firm, named Rawasi, in partnership with the National Bank of Egypt (NBE) and Banque Misr

  
Image used for illustrative purpose. Heliopolis district in Cairo.

Image used for illustrative purpose. Heliopolis district in Cairo.

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Egypt - Talaat Moustafa Group (TMG) denied news reports on launching a third real estate development company, the company said in a statement to the Egyptian Exchange on June 9th.

The real estate developer denied reports about establishing a new real estate firm, named Rawasi, in partnership with the National Bank of Egypt (NBE) and Banque Misr.

On June 8th, NBE and Banque Misr, in collaboration with Talaat Moustafa Group (TMG), established a new real estate joint venture (JV).

The new company’s paid-in capital amounted to EGP 200 million.

The company secured an EGP 9 billion joint loan from both banks to develop assets in TMG’s Madinaty compound.

This is the second real estate JV TMG has set up with NBE and Banque Misr.

TMG is an Egypt-based company engaged in real estate investment activities. The company establishes and develops hotels and touristic and residential projects in Egypt.

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