Talaat Moustafa Group inks settlement deal with Alexandria Governorate

Agreement signed to settle a dispute, dating back to 2016, over Alexandria’s San Stefano project

  
A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) signed an agreement with Alexandria Governorate to settle a dispute, dating back to 2016, over Alexandria’s San Stefano project.

Under the deal, TMG Holding will pay an annual amount of EGP 7 million to the governorate, with an increase of 12% per year, according to a cabinet statement on Sunday.

The Egyptian firm has committed to invest not less than EGP 5 million annually in development projects as part of its corporate social responsibility.

Source: Mubasher

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