Talaat Mostafa announces a new project with expected investments of 500 billion pounds


Cairo – Mubasher: Talaat Mostafa Group Holding announced that the procedures for signing a contract between the Arab Urban Investment Company, a subsidiary of the New Urban Communities Authority, are being finalized to acquire 5,000 feddans in the Capital Gardens, east of Cairo, to develop a new sustainable mixed-use city.

The company said in a statement to the Egyptian Stock Exchange today that the project provides direct and indirect taxes to the state budget amounting to 110 billion pounds, in addition to 3.3 million direct and indirect job opportunities.

The company expects to include the project about 140 thousand housing units, in addition to commercial, administrative, medical, educational and sports service areas, with total investments reaching 500 billion pounds.

The company stated that a group of international consulting offices have been assigned to implement an integrated general plan for the project.

The project is expected to house about 600,000 people upon completion, and will include a university campus on an area of ​​37 acres, a sports club on an area of ​​90 acres, and a 5-star hotel, in addition to 30 acres for educational activities for the various school stages.

The company explained that the land price will be paid through a combination of in-kind housing units and cash installments.

During the first nine months of 2020, Talaat Mustafa Holding Group achieved profits of 1.569 billion pounds during the nine months ending last September, compared to profits of 1.312 billion pounds in the comparative period of 2019, taking into account the rights of the minority.

The company’s revenues increased during the period to 10.41 billion pounds, compared to revenues of 7.75 billion pounds in the comparative period of the previous year.

At the level of independent businesses, the company achieved profits after tax of 99.99 million pounds in the first nine months of this year, compared to profits of 71.26 million pounds in the comparative period of 2019.


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