State-owned banks National Bank of Egypt (NBE) and Banque Misr have signed a strategic partnership with a subsidiary of Talaat Mostafa Group (TMG), the company announced in a statement on Sunday. According to chief executive Hisham Talaat Moustafa, the partnership will enable the subsidiary Arab Company for Projects and Urban Development to develop projects spanning over 341,000 square metres in TMG's two residential flagships; Al Rehab and Madinaty. The new developments will cost 4 billion Egyptian pounds ($252.1 million), designed to establish residential, commercial, and administrative projects in the two flagships, Hisham added. "This is an unprecedented partnership that aims to support national companies of different kinds, most importantly the real estate developers, to withstand the coronavirus pandemic repercussions." NBE's Deputy Chairman Yehia Aboul Fotouh said. The partnership seeks to ease Arab Company for Projects and Urban Development's financial burdens, Banque Misr's vice chairman Akef El Maghraby said in the statement. "This support will result in the provision of more direct and indirect job opportunities," El Maghraby added. Talaat Mostafa Group is Egypt's largest listed real estate developer.
