Minister of Public Business Sector Hisham Tawfik, on behalf of Prime Minister Mostafa Madbouly, named the Talaat Moustafa Group (TMG) as ‘The Top Real Estate Developer’ in Egypt during 2018.
CEO of TMG Omar Abdel Rahman received the honoring award on behalf of his company during the ‘Egypt Summit for the Best’ ceremony which announced the top 100 companies operating in the Egyptian market.
The rating criteria of the top 100 companies were determined through analysis of data and financial indicators for all the registered companies in the Egyptian stock exchange market.
The companies have been classified according to revenues, net profit, and their market value relative weights, over a specific period of time, in order to encourage investors and businessmen to increase investments in the Egyptian market and ensure the implementation of comprehensive development projects.
The ‘top 100’ companies’ classification came as a result of a poll conducted by an economic institution in collaboration with a securities company.
TMG led the growth in the real estate market in 2018. The group made sales worth LE 21.3 billion, the highest in its history, up 62 percent from the previous year.
The residential sector accounted for 93 percent of total sales thanks to the CELIA project in the New Administrative Capital, which achieved contractual sales of LE 12 billion since its launch in June. The 500-acre CELIA project is located in the center of the new capital in an area overlooking the Green River.
Edited translation from Al-Masry Al-Youm