Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) on Monday has denied suspending negotiations with the Saudi Arabian housing ministry regarding a housing project in the Kingdom.

The Egyptian property developer will carry on the project's studies, TMG Holding said in a statement to the Egyptian Exchange (EGX) in a response to a rumour circulated in one of the newspapers.

Managing director of TMG Holding Hisham Talaat Moustafa said last April that the company was considering the establishment of a residential project in Saudi Arabia.

In July 2017 and following his release from prison, Moustafa had travelled to Saudi Arabia to meet with top officials from the Saudi housing ministry.

TMG Holding had said at the time that the visit aimed to activate a memorandum of understanding (MoU) signed in April 2016 between both parties.