Egypt's TMG eyes to invest $64mln in smart cities

The company is in talks with the New Urban Communities Authority to develop an area of 5,000 acres

  
Nile river at dusk. Image used for illustrative purpose.

Nile river at dusk. Image used for illustrative purpose.

Getty Images

ArabFinance: Talaat Mustafa Holding Group’s (TMG) investments in smart cities exceeded about EGP 650 million, aiming to reach EGP 1 billion in 2021, TMG’s head of smart cities sector Muhammad Salah el-Din.

The development of Munshaa City to be a smart city needs more investment than the establishment of a new city, Salah el-Din added.

TMG reported a consolidated net profit of EGP 1,569,143,664 in the January-September period of 2020, compared to EGP 1,312,175,269 achieved in the prior-year period.

TMG is in talks with the New Urban Communities Authority to develop an area of 5,000 acres in the city of Capital Gardens city.

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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