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.
By Staff Writer, Arab Finance
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.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW