Egypt’s Hisham Talaat Moustafa Unveils $10.7billion Smart City Project in Saudi Arabia

Talaat Moustafa Group (TMG), the real estate conglomerate owned by Egyptian entrepreneur Hisham Talaat Moustafa, has launched an ambitious collaboration with Saudi Arabia’s National Housing Company (NHC) to launch Banan metropolis, a revolutionary smart residential metropolis in Riyadh.

This SAR40 billion ($10.7 billion) project will be one of the region’s largest residential complexes, encompassing an astonishing 10 million square meters. The news came during the Cityscape International Conference in Saudi Arabia, which brought together industry executives to discuss real estate and urban development trends.

Mohammad Albuty, CEO of NHC, and Hisham Talaat Moustafa, CEO of TMG, presented the project specifics together, highlighting Banan City’s ambition to revolutionize urban living by providing residents with a sustainable and integrated lifestyle that exceeds all expectations.

Banan City’s ideal location will be in Riyadh’s Al-Fursan district, which was chosen for its accessibility and growth potential.

The city will have 27,750 dwelling units, including villas ranging in size from 220 to 400 square meters and apartments of varying sizes.

The project will comply to worldwide norms and sustainable development principles, with 40 percent of its land dedicated to expansive green spaces and parks.

Banan City will be a multi-use development that will include healthcare, educational, and commercial amenities in addition to residences. It will also have a cutting-edge sports club and a wide range of public service amenities to provide a complete living experience.

Hisham Talaat Moustafa, a prominent person in the real estate business, voiced confidence in the project’s success, citing TMG’s significant experience in constructing sustainable communities, which currently accommodate over 1 million Egyptians.

He emphasized the group’s enthusiasm to share its knowledge in constructing integrated urban projects with the Kingdom of Saudi Arabia, as well as the significance of this cooperation as one of NHC’s largest regional collaborations with top real estate development enterprises.

TMG, founded in 1974, has grown to become one of Egypt’s leading real estate holdings, with Hisham Talaat Moustafa’s creative leadership playing a key part in its amazing development. Moustafa is one of the Egyptian Exchange’s wealthiest investors and a prominent figure in the North African real estate business, owning 43.16 percent of TMG.

TMG recorded a profit of EGP1.55 billion ($50.3 million) at the conclusion of the first six months of 2023 under Hisham Talaat Moustafa’s innovative leadership. This represents a 43.5 percent increase from EGP1.08 billion ($35.05 million) in the same time in 2022.

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