Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) denied news reports on launching a third real estate development company.

The company dismissed reports about establishing a new real estate firm, named Rawasi, in partnership with the National Bank of Egypt (NBE) and Banque Misr, according to a bourse disclosure on Wednesday.

Earlier this week, the property developer laid the cornerstone for Nour City in east Cairo. The project will be implemented through a partnership between TMG Holding’s subsidiary Arab Company for Projects and Urban Development and the New Urban Communities Authority (NUCA).

During the first quarter (Q1) of 2021, TMG Holding reported net profits of EGP 447.08 million, up from EGP 375.33 million in Q1-20, including minority shareholders’ rights.