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ArabFinance: Talaat Moustafa Group (TMG) Holdings subsidiary, the Arab Company for Projects and Urban Development, received 5,000 feddans in Capital Gardens, east Cairo, according to a recent statement by the cabinet.
The EGP 500 billion project is expected to comprise over 140,000 residential units, in addition to commercial, administrative, medical, and educational facilities.
TMGs new city, forecast to accommodate 600,000 people, will feature a 37-feddan campus, a 90-feddan sports club, and a five-star hotel, in addition to schools over an area of 30 feddans.
The project will create up to 3.3 million direct and indirect jobs, according to the disclosure.
The land plots value will be paid both in cash and in return for an unspecified number of residential units, all to be delivered to the New Urban Communities Authority.
TMG 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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