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.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Mubasher
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.
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