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TMG announces Ras El Hekma Agreement

The stock rallied by 20% in Sunday’s session

The Clap

Talaat Moustafa Group’s stock climbed 20% yesterday after officially announcing its involvement in Ras El Hekma on Saturday.

What

Talaat Moustafa Group stated that it has finalized a partnership deal with ADQ Holding and Modon Properties to jointly work on the project’s development, as per a market update published on Saturday.

So What

The Ras El Hekma development is expected to attract USD 150 billion in investments as per ADQ’s press release. You can find out more here.

Some Context

Talaat Moustafa’s 20% surge in the EGX was mirrored by notable increases in specific real estate sector entities. SODIC witnessed a stock rise of 15.75%, Orascom Construction surged by 20%, and Palm Hills saw an increase of 10.27%.