*Update: 12:50 CLT 14/09/2023 session
Trading activity for Talaat Moustafa Group (TMGH) came to a brief pause on the Egyptian Exchange (EGX) as the company's shares experienced an impressive surge of 10%. TMGH share prices reached a New 5-Years and 52 week high price of EGP 13.09/share
**The following data represent the closing prices of the 13/09/2023 session.
Talaat Mostafa Group (TMGH) shares trade near their 5-year high of EGP 12.30 per share (-3.8% from the closing price) which was reached in September 2018. TMGH closed at EGP 11.83 per share recording a new 52-week high price. The stock is also proximate to its all-time high of EGP 15.12 per share ( -21.8% from the closing price) recorded in November 2007.
TMGH has demonstrated strong performance in the current year, with an impressive YTD return of 18.42%. Over the past month, the stock has shown remarkable growth, delivering a substantial 24.40% increase.
**The following data represent the closing prices of the 13/09/2023 session.
Ariel Shoot AL-Fursan Suburb (NHC-TMGH Project)
In recent news, NHC's CEO, Mohammed Albuty, announced that NHC has signed an agreement with Tallat Mostafa Group Holding to develop 10 million square feet within the Al-Fursan suburb of Riyadh, Saudi Arabia. This development represents approximately 28% of the entire project area. TMGH promptly disclosed this agreement to the Egyptian exchange. Albuty further emphasized NHC's commitment to the ongoing provision of residential units, aiming to reach a target of 300,000 units by 2025.
The National Housing Company (NHC), established in 2016 by Royal Decree, owns the project. Serving as the investment arm of the Ministry of Municipal and Rural Affairs and Housing in the real estate sector, NHC underwent a transition to state ownership in 2020. This move marked a new phase for NHC as it emerged as a leader in real estate development, facilitating strategic partnerships between the public and private sectors.
Within the Al-Fursan Suburb, more than 50,000 residential units of various types are being offered, alongside over 190 essential facilities and commercial centers. The suburb benefits from excellent connectivity, with a direct link to the King Khaled airport through the Saudi Riyadh Metro project. Commuting to the center of Al-Fursan takes a mere 10 minutes through this efficient transportation system. Furthermore, the suburb enjoys convenient access to three major ring roads, enhancing its connectivity to surrounding areas.
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