The project will create up to 3.3 million direct and indirect jobs, according to the disclosure
By Staff Writer, Arab Finance
Egypt - Talaat Moustafa Group (TMG) Holding’s subsidiary, the Arab Company for Projects and Urban Development, purchased 500 feddans in Capital Gardens, east Cairo, according to a statement to the Egyptian Exchange.
The EGP 500 billion project is expected to comprise over 140,000 residential units, in addition to commercial, administrative, medical, and educational facilities.
TMG’s 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 plot’s 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.
The listed developer reported a net profit of EGP 1.569 billion during the first nine months of 2020, compared to EGP 1.312 billion in the same period a year ago.
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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