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

The group plans to develop a project that includes residential, commercial and entertainment activities,

  
Labourers work in front of newly constructed houses and villas in the Fifth Settlement district of New Cairo March 30, 2013.

Labourers work in front of newly constructed houses and villas in the Fifth Settlement district of New Cairo March 30, 2013.

REUTERS/Amr Abdallah Dalsh
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.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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.

More From Real Estate