Home » Egyptian tycoon Hisham Talaat Moustafa pledges $635,000 to Egypt’s national team

Egyptian tycoon Hisham Talaat Moustafa pledges $635,000 to Egypt’s national team

by Mfonobong Nsehe

Hisham Talaat Moustafa, an Egyptian real estate tycoon and the owner of Talaat Moustafa Group, has promised the Egyptian national team a total cash reward of EGP10 million ($635,000) if they win the 2021 Africa Cup of Nations (AFCON).

According to Daily News Egypt, the Egyptian businessman made the pledge during a phone call with the minister of youth and sports, while congratulating the minister on the Egyptian team’s achievement in reaching the AFCON final.

Moustafa revealed that the cash prize will be given to national team players to encourage them and to show appreciation for their performance, effort and achievement in the championship.

Egypt’s Minister of Youth and Sports Ashraf Sobhi expressed his gratitude and appreciation to the Egyptian multimillionaire for his fruitful cooperation with the ministry through his conglomerate and praised the societal role of private sector institutions.

The minister confirmed that the $635,000 cash prize offered through Moustafa’s company will be separate from a $5-million cash prize also to be awarded to the team.

Moustafa is one of Egypt’s wealthiest businessmen, with a net worth of $600 million derived primarily from his 43.2-percent stake in Talaat Moustafa Group.

With more than $7.2 billion in assets as of 2021, Talaat Moustafa Group is Egypt’s largest listed real estate group. It has a 50-year history and a land bank of 53 million square meters.

The group reported a 25-percent increase in profit from EGP685.4 million ($43.6 million) in 2020 to EGP856.6 million ($54.5 million) at the end of the first half-year period of its 2021 fiscal year, driven by strong revenue growth.

As of press time, shares in the real estate group were trading at EGP9 ($0.5717), valuing his stake at $509.1 million, making him one of the richest investors on the Egyptian Stock Exchange.

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