Alwaleed has no stake in TMG, company to self-finance expansions
Saudi Prince Alwaleed bin Talal has no investments in Talaat Moustafa Group Holding (TMG) personally or indirectly through subsidiaries including Kingdom Holdings, the company told the EGX yesterday. The real estate developer also said the company has so far spent USD 213 mn to expand and develop the Four Seasons Sharm hotel using its own funds and it expects to self-finance the remaining USD 170 mn required for the project. The company did not include any comment on the proposed plans to build with Alwaleed a new hotel in Alamein and a Four Seasons in Madinaty. The USD 800 mn in investments were announced back in August.
The Egyptian Media Production Company also denied any affiliation with Alwaleed or Saudi investor Sheikh Saleh Kamel, Al Borsa reports. The company said that the extent of its relationship with both figures was restricted to them paying for studio time at the media production complex.