Cairo – Mubasher: Talaat Moustafa Group Holding Company (TMG Holding) and the Saudi National Housing Company (NHC) joined forces for a development project estimated at a value of SAR 40 billion.
The two parties signed the agreement on 10 September 2023 on the sidelines of the Cityscape Global Exhibition, according to a bourse filing.
Under the deal, the two companies will develop a smart integrated, and sustainable residential city east of the capital Riyadh.
The mixed-use development project will provide around 27,750 housing units, including villas and family residential units ranging in size from 220 to 400 square metres (m2).
Furthermore, the mixed-use development will include integrated services, such as healthcare, education, commercial facilities, a sports club, and public service areas.
The EGX-listed group will announce any further updates regarding the agreement in due course.
In the first half (H1) of 2023, TMG Holding logged consolidated net profits after tax valued at EGP 1.55 billion, higher than EGP 1.08 billion in H1-22.
