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TMG, CIB team up to establish new entity

TMG, CIB team up to establish new entity

ArabFinance: Talaat Moustafa Group (TMG) (TMGH) and Commercial International Bank (CIB) (COMI) established a new entity specialized in real estate during quarter one of 2021, according to CIB's quarterly report.

CIB will acquire 37% of the new company while TMG will own the remaining shares. 

The new company will be specialized in owning, renting and selling units and buildings or real estate commercial lands.

This agreement is the second partnership TMG made with banks 

Last August, TMG subsidiary Arab Company for Projects and Urban Development signed an agreement with the National Bank of Egypt and Banque Misr to develop projects in Rehab and Madinety cities.

TMG Holding is an Egypt-based company engaged in real estate investment activities. The company establishes and develops hotels, and touristic and residential projects in Egypt.

 

 

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04 Oct 2021
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