Egypt's Talaat Moustafa posts record first-half sales on Noor project launch

TMG sales have jumped by 377% compared to the same period last yea

  
Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany
 
RIYADH: Talaat Moustafa Holding Group (TMG) achieved record sales of 21 billion Egyptian pounds ($1.34 billion) in the first half of the year as it saw strong demand for its Noor Capital Gardens project, Asharq reported.

Noor, slated to be Egypt’s first green smart city, generated 15 billion Egyptian pounds of sales within three weeks of launching, prompting TMG to raise its revenue forecast for the current year to 30 billion Egyptian pounds, it said on Sunday

TMG sales have jumped by 377 percent compared to the same period last year, and 79 percent compared to the first half of 2019, according to Asharq calculations.

Noor Capital Gardens is located on an area of 21 million square meters in front of the New Administrative Capital, east of Cairo.

TMG purchased the project’s land from the New Urban Communities Authority six months ago. The group will pay the value of the land to the Authority through a mixture of finance and housing after its construction.

Noor’s cost is expected to be about 500 billion Egyptian pounds, with sales in excess of 800 billion Egyptian pounds.

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