Home » Egyptian tycoon Hisham Talaat Moustafa unveils $10.7-billion smart city project in Riyadh

Egyptian tycoon Hisham Talaat Moustafa unveils $10.7-billion smart city project in Riyadh

by Mfonobong Nsehe
Hisham Talaat Moustafa

Talaat Moustafa Group (TMG), the real estate giant led by Egyptian tycoon Hisham Talaat Moustafa, has announced an ambitious partnership with Saudi Arabia’s National Housing Company (NHC) to unveil Banan City, a groundbreaking smart residential city in the heart of Riyadh.

This SAR40-billion ($10.7 billion) project is set to become one of the largest residential developments in the region, spanning an impressive 10 million square meters. The announcement was made at the Cityscape International Conference in Saudi Arabia, a gathering of industry leaders focused on real estate and urban development trends.

Mohammad Albuty, CEO of NHC, and Hisham Talaat Moustafa, CEO of TMG, jointly presented the project’s details, emphasizing Banan City’s mission to redefine urban living by offering residents a sustainable and integrated lifestyle that surpasses all expectations.

Banan City’s prime location will be in the Al-Fursan suburb of Riyadh, strategically chosen for its accessibility and potential for growth.

The city will comprise 27,750 housing units, including a range of villas spanning from 220 to 400 square meters and apartments of various sizes.

The project will adhere to international standards and the principles of sustainable development, with 40 percent of the project’s area dedicated to expansive green spaces and parks.

Beyond providing housing, Banan City will be a multi-use development encompassing healthcare, educational, and commercial facilities. It will also feature a state-of-the-art sports club and a wide array of public service amenities to create a comprehensive living experience.

Hisham Talaat Moustafa, a prominent figure in the real estate industry, expressed his confidence in the project’s success, underlining TMG’s extensive experience in developing sustainable communities that presently house over 1 million residents in Egypt.

He stressed the group’s eagerness to share its expertise in creating integrated urban projects with the Kingdom of Saudi Arabia and highlighted the significance of this partnership as one of the largest regional collaborations entered into by NHC with leading real estate development firms.

TMG, founded in 1974, has emerged as one of Egypt’s foremost real estate holdings, with Hisham Talaat Moustafa’s visionary leadership playing a pivotal role in its remarkable transformation. With a 43.16-percent stake in TMG, Moustafa is one of the richest investors on the Egyptian Exchange and a key figure in the North African real estate market.

Under Hisham Talaat Moustafa’s visionary leadership, TMG reported a profit of EGP1.55 billion ($50.3 million) at the end of the first six months of 2023. This marks an impressive surge of 43.5 percent from EGP1.08 billion ($35.05 million) during the same period in 2022.

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