Talaat Moustafa Group's unit gets approval to develop 5k feddans in Capital Gardens City

The company will develop 5,000 feddans under a sale agreement with the New Urban Communities Authority

  
Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

REUTERS/Amr Abdallah Dalsh - RC1169D2CE00

Cairo – Mubasher: The Egyptian cabinet approved a request from the Ministry of Housing, Utilities, and Urban Communities to enter into agreement with a subsidiary of Talaat Moustafa Group Holding (TMG Holding).

The company will develop 5,000 feddans in Capital Gardens City under a sale agreement with the New Urban Communities Authority (NUCA), according to a statement on Thursday.

During the first nine months of 2020, Talaat Moustafa Group recorded net profits of EGP 1.569 billion, up from EGP 1.312 billion in the corresponding period a year earlier.

Source: Mubasher

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