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Monday, 7 June 2021

Construction of TMG’s EGP 500 bn Nour City has begun

Construction of Talaat Moustafa Group’s EGP 500 bn Nour City development has begun, after Housing Minister Assem El Gazzar and TMG CEO Hisham Talaat Moustafa yesterday laid the foundation stone, the company said in a statement (pdf). The 5k-feddan project will accommodate 600k residents in 140k residential apartments and villas, and feature commercial and administrative spaces. TMG received the land — which it purchased in January for EGP 28.5 bnat the end of May.

Other things we’re keeping an eye on this morning:

  • Prime Fintech’s Endorse will roll out consumer finance services in the next two months, with further plans to launch a digital factoring service soon. The company launched a financial leasing service earlier this year, offering a finance with a tenor of up to 60 months.
  • Saudi Arabia has agreed to suspend newly-imposed requirements on Egyptian food imports, and will send a team to Egypt this week to inspect food safety measures, Egypt’s Agriculture Ministry said in a statement last week. The Saudi Food and Drug Authority last month said it would introduce new controls on crops imported from Egypt from July, requiring that all fresh foods, crops and spices acquire a Certificate of Conformity proving they comply with Saudi food safety regulations.
  • A campaign to raise awareness on marine conservation in the Red Sea was launched by the environment and tourism ministries at the weekend, as part of the wider Eco Egypt initiative that aims to promote environmental tourism.

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