Egyptian businessman Hisham Talaat Moustafa’s group pledges $167 million toward community development

Hisham Talaat Moustafa, one of Egypt’s richest businessmen, has disclosed that Cairo-based real estate group, Talaat Moustafa Group (TMG) Holding, has allocated more than EGP5 billion ($167.3 million) to community development in the last five years.

The statement was made by the Egyptian real estate mogul during a signing ceremony for a cooperation protocol between TMG’s subsidiary, the Arab Company for Projects and Urban Development, and Egypt’s Ministry of Education and Technical Education to establish a new school for applied technology.

TMG, led by Hisham Talaat Moustafa, believes in the importance of corporate social responsibility and is committed to long-term investments in society, specifically in sectors of health, education, economic empowerment, and community development to achieve sustainable benefits and build the future.

In line with the latest agreement with the Ministry of Education and Technical Education, TMG will open a new Applied Technology School in 2023-2024 that specializes in landscaping, a growing area in Egypt’s real estate market.

This will be the second applied school supported by the group, following the success of the Metwally El-Shaarawy School of Applied Technology, which graduated students who immediately joined the workforce.

The Egyptian real estate mogul suggested naming new applied schools “Sonaa El Ghad” (Tomorrow Makers) to express the vision and goals for the country and for graduates to feel their importance and responsibility in rebuilding the country.

He expressed his happiness with the cooperation between TMG and the Ministry of Education and stated that TMG will continue to support technical education and upgrading human cadres, believing that humans are the main axis for comprehensive and sustainable development.

TMG is a leading conglomerate with a 53-million-square-meter land bank and a 50-year track record in the housing and real-estate development industries, having developed over 33 million square meters of land and sold more than 90,000 units.

Hisham Talaat Moustafa, who played a key role in TMG’s growth and success, holds a 43.16 percent stake in the leading real estate group.

In 2022, the group saw a 28-percent rise in net sales, reaching EGP33.20 billion ($1.34 billion) and exceeding its own market sales record. Its hotel operation also generated revenues of EGP2.40 billion ($97 million), a 90-percent increase from the previous year.