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Talaat Moustafa Group (TMG), one of the largest developers in Egypt, will build an integrated smart and sustainable residential city near the Saudi capital Riyadh at a cost of 40 billion Saudi riyals ($10.6 billion) under an agreement it signed on Sunday.
TMG said in a statement on Egypt’s bourse that it finalised the deal with Saudi’s National Housing Company (NHC) at Cityscape Global event in Riyadh on Sunday.
The agreement includes the construction of an “integrated smart and sustainable residential city” over the total space of 10 million square metres, the statement said.
The new city will comprise around 27,750 villas and residential units and nearly 40 percent of the area will comprise large green spaces, it added.
The mixed-use project will be located in NHC’s Al-Fursan Suburb in northeast of Riyadh and will involve several facilities including healthcare, educational, and commercial centres, in addition to sports club and other public facilities.
In a separate statement, TMG said details of the new project is expected to be announced within two months.
TMG Holding’s mega projects in Egypt include Madinaty, occupying 33.6 million sqm in East Cairo, Celia, its recently launched project in the New Administrative Capital, and a new mega-city Noor located on 21 million sqm in the same vicinity.
The company is publicly held since 2007 and is the largest listed developer by market capitalisation.
(Writing by Nadim Kawach; Additional writing by Marwa Abo Almajd; Editing by Anoop Menon)
