By: Ahmed Allam

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) will commence the development of its New Administrative Capital’s project after Eid al-Fitr, CEO Hisham Talaat Moustafa has said on Monday.

The Egypt-listed real estate developer acquired around 500 acres (feddans) in the New Capital with a total value of EGP 4.4 billion, Moustafa added on the sidelines of a press conference.

TMG is currently studying the new project with the Egyptian government and is set to reveal it within the coming 5 - 6 months, according to the business tycoon.

It is worth noting that TMG’s total investments in the New Capital are estimated at EGP 35 billion, the CEO noted.

On the other hand, the Egyptian property giant has denied suspending negotiations with the Saudi housing ministry over a housing project in the Kingdom.