Egypt’s biggest listed real estate developer Talaat Moustafa Group (TMG) has begun to sell units at a project in Saudi Arabia built with local partner Al Oula Real Estate Development, TMG said on Monday.
The apartment and villa complex covering 3 million square meters northeast of the Saudi capital Riyadh has an investment cost estimated at 7 billion Saudi riyals ($1.87 billion), TMG said in a statement on its website.
The development, named Nasamat Al Riyadh, will have 4,145 residential units and will take an estimated six years to complete, it said.
TMG formed Thabat, its 50-50 venture with the Saudi firm Al Oula, to expand into the Saudi real estate market and sell homes to the country’s many young, wealthy consumers.
