Talaat Moustafa Group (TMG), one of the largest developers in Egypt, joined hands with Saudi Arabia’s state-owned National Housing Company (NHC) to build a 40 billion Saudi riyals ($10.6 billion) integrated residential city in Riyadh.

TMG said in a statement on Egypt’s bourse agreement includes the construction of an “integrated smart and sustainable residential city” spanning a total area of 10 million square metres (sqm).

The mixed-use development will comprise around 27,750 villas and residential units and nearly 40 percent of the area will comprise large green spaces, it added.

(Writing by Nadim Kawach; Additional writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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