Cairo – Mubasher: Arab Company for Projects and Urban Development, a 99.9%-owned subsidiary of Talaat Moustafa Group Holding (TMG Holding), signed a strategic partnership agreement with the National Bank of Egypt (NBE) and Banque Misr to develop projects in Rehab and Madinaty cities.
The deal allows the Arab Company for Projects and Urban Development to develop residential, commercial, and administrative projects over an area of about 341,000 square metres (sqm) in Rehab and Madinaty cities in New Cairo in favour of an investment company jointly owned by the two banks, according to a bourse disclosure on Monday.
During the first six months of 2020, TMG Holding logged net profits of EGP 685.4 million, down from EGP 852.2 million in the year-ago period, including minority shareholders’ rights.
