Egypt's Talaat Moustafa Group to expand in Saudi Arabia and Iraq: CEO
TMG has formed a committee to study investment opportunities in Saudi Arabia and Iraq
Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Image used for illustrative purpose.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab News
RIYADH: Egyptian real estate company Talaat Moustafa Group (TMG) is considering expansion in Saudi Arabia and Iraq, given the demand for housing units, the company's CEO has said.
Hisham Talaat Moustafa made the comments during the visit of the Saudi Minister of Housing, Majid Al-Hogail, and the Saudi ambassador in Cairo, Osama Al-Naqli, to the real estate group’s Madinaty project — the largest private sector development in Egypt, covering an area of 33 million sqm.
TMG has formed a committee to study investment opportunities in Saudi Arabia and Iraq, Asharq reported.
Moustafa pointed to Iraq’s instability during the past thirty years, which indicates the volume of demand for the projects that will be implemented, especially since the Iraqi government welcomes the repetition of the Madinaty and Al Rehab project's experience on its territory.
TMG had previously tried to enter the Saudi real estate sector about 12 years ago, when it planned to establish a project called "Breaths of Riyadh" in Riyadh's Rimal district.
The company recently proposed the Nour City project, east of the capital Cairo, facing the new administrative capital, on an area of 5,000 acres, with an investment cost of EGP500 billion.
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