The establishment of the Talaat Moustafa Group Saudi Company for Real Estate Development (TMG Saudi) was announced by the most well-known urban developer in Egypt, Talaat Moustafa Group, and its strategic partner, Al Muhaidib Group.
The “Banan City” project in Riyadh will mark the beginning of the strategic partnership, and Saudi Arabia will see the development of numerous smart and sustainable urban projects.
In the presence of Sulaiman Abdulkadir Al Muhaidib, chairman of Al Muhaidib Group, the agreement was signed by Essam Abdulkadir Al Muhaidib, CEO of Al Muhaidib Group, and Hisham Talaat Moustafa, CEO and managing director of Talaat Moustafa Holding Group.
On this occasion, Hisham Talaat Moustafa said: “We are pleased for the group’s new imprint in Saudi Arabia, which reflects our vision and promote endeavor to develop more sustainable smart cities with a modern style, based on our expertise extending over more than fifty years.”
He added: “We are excited to partner with Al Muhaidib Group in developing upcoming urban projects, through which we seek to raise the quality of living and create vibrant communities.”
Meanwhile, Sulaiman Abdulkadir Al Muhaidib said: “We are very optimistic about this strategic partnership with Talaat Moustafa Group, through which we aim to achieve sustainable development in developing smart cities and their infrastructure, and to enhance the group’s role in enhancing the real estate development and construction sectors, and supporting the Kingdom’s national economy.”
He added: “We are looking forward to the “Banan City” to be an integrated urban icon in Riyadh, within a developed, innovative and environmentally friendly environment, that improves the quality of life for its residents, both citizens and residents, and reflects the best luxurious and safety standards, and for the new city to be an honorable model for real estate development and revolution in line with the Kingdom’s Vision 2030.”
Notably, Al Muhaidib Group is one of Saudi Arabia’s leading investment firms. Its main office is located in Dammam. Sheikh Abdulkadir Al Muhaidib founded it in 1943. Real estate, banking services, consumer goods, building materials, infrastructure, industry, and contracting are some of its business operations.
Mayar Foods, Thabat Construction, Masdar Building Materials, Savola Group, Abyat, Vision Invest, ACWA Power, and Riyadh Cables Group are a few of the group’s businesses.
According to the partnership, 40 percent of the 10 million square meters that will be developed for the first project, “New Banan City,” will be used for green open spaces.
This multipurpose project will have 27,000 residential units, ranging in size and style from villas to apartments, as well as integrated commercial, health, and educational services, a sports club, and public service areas.
To create an integrated plan for the project that takes into account improvements in architectural designs to keep up with present and future urban developments, several international consulting firms were also assigned the task.