TMG to launch New Admin units in 3 months

CAIRO – 13 November 2017: Talaat Moustafa Group (TMG) will launch residential units for sale in the New Administrative Capital in three months, company chairman Hisham Talaat Moustafa announced Monday.

Speaking at an economic conference organized by Akhbar Al Youm Establishment, Moustafa said that his company is studying increasing its land plots in the New Administrative Capital.

TMG obtained land plots in the mega project offered by the government developers and investors earlier this year along with the Arab Contractors and Concord for Engineering and Contracting Company.

Moustafa also stressed that he has not undertaken several projects with Saudi Prince Al-Waleed bin Talal or his company Kingdom Holding Company.

In August, Al-Waleed bin Talal pledged new investments in the hotel sector in Egypt as he announced a cooperation deal with TMG, which carries a total investment volume that exceeds $800 million that will be injected into the hotel sector.

TMG achieved a 72-percent leap in net profit in nine months, registering LE 1.06 billion ($60 million). The company said that the figure is compared to LE 616.4 million posted in the first nine months of 2016.

Business tycoon Hisham Talaat Moustafa was reappointed CEO of TMG in June, after spending 17 years in prison, 15 of which were due to charges of inciting the murder of his lover, Lebanese signer Suzanne Tamim in 2008.