The collaboration aims to revolutionize urban living and enhance the real estate sector in the Kingdom
In a groundbreaking strategic partnership, Talaat Moustafa Group (TMG), Egypt’s leading urban developer, and Al Muhaidib Group, a powerhouse in Saudi Arabia’s investment landscape, have joined forces to create the Saudi Talaat Moustafa Group Company for Urban Development. The collaboration aims to revolutionize urban living and enhance the real estate sector in the Kingdom. Commencing with the creation of “Banan City” in Riyadh, Saudi Arabia.
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The “Banan City” Project: A Vision for Sustainable Living
The partnership’s flagship project is the ambitious “Banan City”, set to rise in the heart of Riyadh. Here are the key highlights:
- Location: Situated in the suburb of Al-Fursan, offering convenient access to Riyadh’s bustling center.
- Scope: The project spans an impressive 10 million square meters, with a strong emphasis on green open spaces. Approximately 40% of the area will be dedicated to lush parks and recreational zones.
- Residential Units: Banan City will provide 27,000 residential units, catering to diverse needs. These units will include a mix of villas and apartments, designed to accommodate various family sizes and lifestyles.
- Integrated Services: Residents can expect a holistic living experience. The city will feature integrated health facilities, educational institutions, and commercial services. Additionally, a state-of-the-art sports club will promote an active lifestyle.
- Sustainability: Banan City is committed to environmental stewardship. The project will incorporate innovative and eco-friendly practices, aligning with the Kingdom’s Vision 2030. From energy-efficient buildings to smart waste management, sustainability will be at the core of this urban oasis.
- Luxury and Safety: The new city aims to set the standard for luxurious living. Safety protocols and high-quality infrastructure will ensure a secure and comfortable environment for both citizens and residents.
Leadership Voices
Mr. Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Holding Group, expressed his enthusiasm: “We are pleased for the group’s new imprint in Saudi Arabia, which reflects our vision and promote endeavour to develop more sustainable smart cities with a modern style, based on our expertise extending over more than fifty years.”
He added: “We are excited to partner with Al Muhaidib Group in developing upcoming urban projects, through which we seek to raise the quality of living and create vibrant communities.”
Mr. Sulaiman Abdulkadir Al Muhaidib, Chairman of Al Muhaidib Group, shared his optimism: “We are very optimistic about this strategic partnership with Talaat Moustafa Group, through which we aim to achieve sustainable development in developing smart cities and their infrastructure, and to enhance the group’s role in enhancing the real estate development and construction sectors, and supporting the Kingdom’s national economy.”
He added: “We are looking forward to the “Banan City” to be an integrated urban icon in Riyadh, within a developed, innovative and environmentally friendly environment, that improves the quality of life for its residents, both citizens and residents, and reflects the best luxurious and safety standards, and for the new city to be an honorable model for real estate development and revolution in line with the Kingdom’s Vision 2030.”
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A Glimpse of Al Muhaidib Group
Founded in 1943 by Sheikh Abdulkadir Al Muhaidib, Al Muhaidib Group has a diverse portfolio spanning real estate, banking, food, industry, and infrastructure. Notable companies under its umbrella include Mayar Foods, Thabat Construction, and Savola Group.
Moving Forward
As construction begins on Banan City, the collaboration between Talaat Moustafa Group and Al Muhaidib Group promises to shape the future of urban living in Saudi Arabia.
