The Arab Company for Projects and Urban Development, a subsidiary of Talaat Moustafa Group Holding Company (TMG), is seeking to buy 1000 acres in the New Administrative Capital, Al Shorouk News Website reports.

The company has expressed its desire to buy new land in the new capital other than the 500 acres they previously purchased  in April 2017, for EGP 4.4 bn, to establish an integrated urban community.

The New Administrative Capital Company allocated 1650 acres within the first land offering to investors, most notably TMG, Misr Italia Properties, the Saudi Egyptian Construction Company (SECON), and Better Home.

TMG has achieved sales of EGP 13.1 bn by the end of December 2017, compared to EGP 6.55 bn in 2016, surpassing the target annual budget. Its commercial and administrative sales stood at about EGP 3.63 bn during 2017.

TMG, with a capital of EGP 20.6 bn, has the largest land portfolio in Egypt with 43 mn square meters, including Madinaty and Al Rehab projects.