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Real estate mogul Hisham Talaat Moustafa has launched a $31.82-billion housing project in East Cairo through his Talaat Moustafa Group Holding (TMG Holding) in partnership with the Egyptian government.
The Noor project is the first green smart city in Egypt, located on 5,000 feddan* and comprising 140,000 units.
At a recent groundlaying event, Moustafa and Egyptian Housing Minister Assem El-Gazzar officially laid the foundation for Noor City.
Zawya reported the ministry as stating that the Arab Company for Projects and Urban Development, a TMG Holding subsidiary, and New Urban Communities Authority (NUCA), will implement the project.
NUCA operates under the auspices of the Housing Ministry.
The Noor City project will comprise commercial, administrative and state service areas. TMG Holding received the land for the project from the government.
The project will create up to 3.3 million direct and indirect jobs.
Moustafa is the founder of TMG Holding. He also serves as the company’s chairman and managing director.
His net worth was estimated at $800 million in 2007.
TMG Holding
TMG Holding is a leading real estate development company in Egypt known for establishing and developing hotels and touristic and residential projects.
A recent report showed that the Moustafa-led company experienced 19-percent year-on-year growth in consolidated net profit to EGP 447.08 million ($28 million) in Q1 2021, compared to EGP 375.33 million ($24 million) in 2020.
TMG Holding generated EGP 2.92 billion ($186.6 million) in revenue in January-March, down from EGP 2.29 billion ($146.3 million) for the same period the previous year.
*A feddan is a unit of area. It is used in Egypt, Sudan, Syria and the Sultanate of Oman.
