TMG Holding Purchases 500 feddans in New Administrative Capital

Tuesday, 9th May 2017

Egyptian real estate developer Talaat Moustafa Group Holding (TMG Holding) is purchasing 500 feddans for development in the country’s New Administrative Capital, Invest-Gate reports.

According to data released on the Egyptian Exchange, TMG Holding has paid 10% of the value of the New Administrative Capital’s land as a first instalment worth EGP 440 mn.

Egypt’s plan to construct a new city 45 km (28 miles) east of Cairo was announced in March 2015 at a Sharm al-Sheikh summit held to attract foreign investors.

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