September 10, 2023
The Egyptian “Talaat Mooustafa Holding” Group launched “Banan” city project in the Saudi capital, at a total cost of approximately 40 billion riyals (about 11 billion dollars), as revealed by its CEO and Managing Director, Hesham Talaat Moustafa. This is the first external project by the largest real estate developer in Egypt, which will be developed in partnership with the “National Housing Company,” as it aims to provide about 28,000 housing units, according to a statement issued by the group today, Sunday, on the sidelines of the “Cityscape Global” exhibition held in Riyadh. The new “Banan” project will be built in the “Al-Fursan” suburb of the Saudi capital on a total area of 10 million square meters, and will provide 27,750 villas and family residential units, while 40% of the project will be green spaces. Hesham Talaat Mostafa, CEO and Managing Director of Talaat Mostafa Holding Group, stated that “the details of the new project will be announced within two months.” Mohammed bin Saleh Al-Bati, CEO of the National Housing Company, said that “Be=anan” is one of the largest regional partnerships concluded by “National Housing” with real estate development companies from outside the Kingdom. Talaat Mostafa Group shares closed on the Egyptian Stock Exchange today, Sunday, as it increased 0.35%, reaching 11.40 pounds. Among the most prominent “Talaat Moustafa” projects under development in Egypt are “Madinaty,” “Al-Rehab,” and “Celia” in the New Administrative Capital. The group also has “Noor” project, which is a new city east of the capital, Cairo, with an investment cost of up to 500 billion pounds, where it includes 140,000 housing units. Source: Amwal
