Talaat Moustafa Group (TMG) Holding’s unit the Arab Company for Projects and Urban Development has partnered with the National Bank of Egypt (NBE) and Banque Misr to develop projects in east Cairo’s Rehab and Madinaty cities, at a total cost of EGP 4 bn, Invest-Gate reports.

Under the contract, two 341,000-square-meter projects will be established in each of Rehab and Madinety for a joint investment company owned by both NBE and Banque Misr, varying between residential, commercial, and administrative components, TMG Holding CEO Hisham Talaat Moustafa indicated in the bourse filing on August 31.

NBE Vice President Yehia Abou El-Fotouh hailed the new strategic partnership, which is aimed at easing the financing burden on TMG Holding’s unit, coming in line with the efforts of the state-run bank to support Egyptian firms throughout the novel COVID-19 crisis, particularly those operating in the property market.

TMG Holding is deemed one of the leading real estate giants in Egypt for holding  EGP 200 bn worth of property investments across the Middle East and North Africa, ranging from residential to hospitality developments.