Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) is planning to expand in Saudi Arabia and Iraq, CEO and Managing Director Hisham Talaat Mostafa said. 

The CEO pointed out that there is a great opportunity for major real estate companies in the two countries, given the high demand for residential units there, according to a statement on Monday. 

A committee has been formed to study investment opportunities in the two Arab countries, he added. 

It is noteworthy to mention that Mostafa has welcomed the Egyptian Minister of Housing, Assem El-Gazzar, and a high-level Saudi delegation headed by the Saudi Minister of Housing, Majed bin Abdullah Al-Hogail, in Madinaty. 

In the first half (H1) of 2021, TMG Holding achieved net profits of EGP 869.38 million, up from EGP 705.85 million in H1-20.