Egypt’s Talaat Moustafa Group secured reservations worth EGP 11.5 billion (SAR 920 million) for units in its project located in eastern Riyadh, Saudi Arabia, during the initial sales launch over the past three days, according to the company’s disclosure to the Egyptian Stock Exchange on Wednesday.
The group aims to generate revenues of around SAR 40 billion (USD 12 billion) from the “Banan” project, with an estimated investment exceeding SAR 31 billion.
The new project contributed to more than doubling the company’s contracted real estate sales and reservations, reaching EGP 86 billion since the beginning of the year until Tuesday. The company stated that its project in Saudi Arabia establishes a new source of long-term recurring income, providing continuous value to its shareholders.
“Banan” city is the first overseas project for Egypt’s largest real estate development company, being developed in partnership with the National Housing Company on a total area of 10 million square meters in the “Al-Fursan” suburb. It is expected to accommodate more than 120,000 residents and will take 8 years to develop.