Egypt's TMG to invest $3bn over three years
Cairo, September 29, 2011
Egyptian property developer Talaat Moustafa Group (TMG) is pressing ahead with its investment plans and aims to spend 18 billion Egyptian pounds ($3 billion) on its two main projects in the next three years, a newspaper reported.
Company official Tarek el-Naggar said TMG would spend 6 billion pounds each year on its flagship Madinaty and Rehab developments, funded partly from client receivables, newspaper Al Mal reported on Thursday.
The company had not decided yet whether to seek bank loans to cover some of the planned investments, Naggar said.
TMG, Egypt's biggest listed property developer, has stepped up overall investments despite the sharp economic slowdown caused by the popular uprising that toppled President Hosni Mubarak in February, Naggar told the paper.
It has 33.6 billion pounds ploughed into projects, up from 31.9 billion at the end of 2010, Al Mal cited Naggar as saying.
TMG's earnings have tumbled this year as Egypt's political crisis and a drawn-out land dispute disrupted deliveries of new homes. Its shares are down 58 percent since the end of last year. - Reuters