Egypt's Talaat Moustafa Group launches $31.82bln housing project
The project will be built over an area of 5,000 feddans in Capital Gardens City
Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Mubasher
Cairo – The Egyptian Minister of Housing, Assem El-Gazzar, and the Chairman and Managing Director of Talaat Moustafa Group Holding (TMG Holding), Hisham Talaat Moustafa, have laid the cornerstone for Nour City in east Cairo.
The project will be implemented in partnership between TMG Holding’s subsidiary Arab Company for Projects and Urban Development and the New Urban Communities Authority (NUCA), according to a statement by the Ministry of Housing on Sunday.
Over an area of 5,000 feddans in Capital Gardens City, the city will be established with total investments of EGP 500 billion.
The project will feature 140,000 residential units which can accommodate about 600,000 people as well as commercial, administrative, and governmental service areas.
Taxes on the project will reach about EGP 110 billion and about 3.3 million direct and indirect jobs will be created.
Four international companies, namely SWA, SASAKI, BCG, and Perkins Eastman, have planned the city.
During the first quarter (Q1) of 2021, TMG Holding reported net profits of EGP 447.08 million, up from EGP 375.33 million in Q1-20, including minority shareholders’ rights.
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