PROJECTS: Egypt's Talaat Moustafa Group to develop $32bln sustainable city

It comprises 140,000 houses, university, hotels and commercial facilities

  
Image used for representational purposes only

Image used for representational purposes only

Getty Images/Tinpixels/getty images

Talaat Moustafa Group (TMG) one of the largest developers in Egypt, said on Sunday it would soon sign an agreement with the government to build a sustainable city near the capital Cairo at a cost of 500 billion pounds ($32 billion).

In a statement published at Cairo bourse, TMG said its affiliate- the Arab Company for Projects and Urban Development - would finalise the contract with the New Urban Communities Authority (NUCA), an offshoot of the Egyptian Housing Ministry.

TMG said the agreement would allow it to acquire a 5,000-acre (2mln square metres) land in Capital Gardens City east of Cairo to build a "sustainable multi-purpose new city."

"The new city comprises about 140,000 housing units accommodating nearly 600,000 people in addition to business, commercial, medical, sport and educational facilities," the statement said, adding that TMG has appointed some international consultancy firms to undertake project designs.

It said the project also includes a 5-star hotel and a university and that it would fetch the government nearly 110 billion pounds ($7 billion) in direct and indirect taxes and create more than 3.3 million jobs.

The statement showed TMG made net profits of around 1.569 billion pounds ($99 million) in the first nine months of 2020.

(1 US Dollar = 15.72 Egyptian Pounds)

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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