Part of signing the agreement
Talaat Mustafa Group, the most prominent urban developer in the Arab Republic of Egypt, and its strategic partner, Al-Muhaidib Group, announced the establishment and launch of the Saudi Talaat Mustafa Group Company for Urban Development. The partnership aims to develop a variety of smart and sustainable urban projects in the Kingdom. The Banan City project is the first strategic partnership in the capital, Riyadh.
The agreement was signed by Mr. Hisham Talaat Mustafa, CEO and Managing Director of Talaat Mustafa Holding Group, and Mr. Essam bin Abdul Qader Al Muhaidib, CEO of Al Muhaidib Group, in the presence of Mr. Sulaiman bin Abdul Qader Al Muhaidib, Chairman of the Board of Directors of Al Muhaidib Group.
On this occasion, Mr. Hisham Talaat Mustafa, CEO and Managing Director of Talaat Mustafa Holding Group, said, “We are happy that the group will have a new imprint in the Kingdom of Saudi Arabia, which reflects our vision and enhances our endeavor towards establishing more sustainable smart cities with a modern style, based on our long-term experience.” More than fifty years. Hisham Talaat added: “We are excited to partner with Al-Muhaidib Group in implementing a group of upcoming urban projects through which we seek to raise the quality of living and build vibrant communities.”
For his part, Mr. Sulaiman bin Abdul Qader Al-Muhaidib, Chairman of the Board of Directors of Al-Muhaidib Group, said: “We are very optimistic about this strategic partnership with Talaat Mustafa Group, through which we aim to achieve sustainable development in building smart cities and their infrastructure, and enhance the group’s role in developing the real estate development sector and the construction sector and supporting The movement of the national economy in the Kingdom, and Mr. Suleiman added, “We look forward to the city of Banan being an integrated urban icon in the capital, Riyadh, within a developed, innovative, and environmentally friendly environment that raises the quality of life for its residents, both citizens and residents, and reflects the best standards of luxury and safety, and for the new city to be an honorable model for real estate development and innovation in line with With the Kingdom’s Vision 2030.”
It is worth noting that “Al-Muhaidib Group” is a Saudi investment company with its headquarters in Dammam, founded by Sheikh Abdul Qadir Al-Muhaidib, may God have mercy on him, in 1943 AD. Its business is active in the sectors of real estate, banking services, food and consumer products, industry, infrastructure, building materials and contracting, for example: Mayar Food Company, Thabat Construction Company, Masdar Building Materials Company, Savola Group, Abyat Company, Vision Investment Company, Aqua Power Company, Group Riyadh Cables.
According to this partnership, the first project, New Banan City, will be developed on an area of 10 million square meters, of which 40% will be green open spaces. The project will be multi-use, as it includes 27,000 residential units, including villas and apartments, of various sizes and designs, and integrated services such as: health, educational, and commercial services, a sports club, public service areas, and others. A number of international consulting offices were also commissioned to develop an integrated plan for the project that takes into account developments in architectural designs to keep pace with current and future urban developments.
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