By: Abdallah Bedier

Cairo – Mubasher: Talaat Moustafa Group Holding’s (TMG Holding) total investments in Egypt's New Administrative Capital stood at around EGP 35 billion ($1.99 billion), managing director Hisham Talaat Moustafa told Mubasher on the sidelines of Cityscape Egypt conference.

The property developer’s project in the new capital will be up for reservations after Eid Al Fitr 2018, he added, pointing out that the project will be executed within four years and in only one phase.

The managing director has not revealed any further details regarding talks to purchase other land plots in the new capital.

TMG Holding is constantly seeking to invest in new lands for future projects, Moustafa indicated.

In April 2017, the Arab Company for Projects and Urban Development, a subsidiary of TMG Holding, bought a 500-acre land plot at a value of EGP 4.4 billion in the New Administrative Capital.

Translated by: Mai Ezz El-Din