TMG in talks with NUCA to develop 5,000 acres in new Cairo

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ArabFinance: Talaat Mustafa Holding Group (TMG) (TMGH) is in talks with the New Urban Communities Authority to develop an area of 5,000 acres in the city of Capital Gardens city, governmental sources told Alborsaanews website.

The group plans to develop a project that includes residential, commercial and entertainment activities, sources said, noting that the land is located in a privileged area in the city.

The government plans to establish a city, Capital Gardens, on an area of about 29,000 acres, which is an extension of Badr City and is located 10 minutes from the New Administrative Capital.

The Egyptian Exchange approved listing TMG's EGP 2 billion sukuk issuance.

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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