Back to the complete issue
Wednesday, 8 November 2017

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.