TMG, CIB team up to establish new entity

The new company will be specialized in owning, renting and selling units and buildings or commercial real estate lands

  
Customers and security guards stand in front of a branch of the CIB Bank in Cairo January 31, 2010.

Customers and security guards stand in front of a branch of the CIB Bank in Cairo January 31, 2010.

REUTERS/Tarek Mostafa

ArabFinance: Talaat Moustafa Group (TMG) (TMGH) and Commercial International Bank (CIB) (COMI) established a new entity specialized in real estate during quarter one of 2021, according to CIB's quarterly report.

CIB will acquire 37% of the new company while TMG will own the remaining shares.

The new company will be specialized in owning, renting and selling units and buildings or commercial real estate lands.

This agreement is the second partnership TMG made with banks

Last August. TMG subsidiary Arab Company for Projects and Urban Development signed an agreement with the National Bank of Egypt and Banque Misr to develop projects in Rehab and Madinety cities.

TMG Holding 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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