Since the early seventies, Eng. Talaat Moustafa started working with his three sons in the field of contracting in Egypt. The family developed their work and focused on quality, prompt delivery and adherence to the detailed specifications of the housing units at the time.
Opportunities in real estate development
In the mid-1980s, Mr. Hisham Talaat Moustafa began to look forward to the expansion of real estate development on a large scale after providing an opportunity in the government-sponsored development program that began in 1983 to address the housing shortage in Egypt and to improve the quality of life for citizens. As part of the program, the government allowed the private sector to undertake development work, and promoted the development of a series of nine new satellite cities in untapped desert areas across Cairo that would connect with each other through the ‘ring road’.
The development of the green village
In 1987, the group’s real estate activity began with the opening of the 84,000 square meter ‘Rawda Al Khadra’ village in Abu Youssef, Alexandria. The project was sold by 1990.
The Talaat Moustafa Group tried to develop larger areas of land on the outskirts of Cairo. In 1996, it began developing the first phase of the company’s flagship project, Rehab City 1, located in New Cairo, the first fully integrated residential and utility complex in Egypt. Based on the increased demand for real estate in the area of ‘Rehab 1’ the group began sales during the construction, which is estimated to be fully completed by 2017. During the same year will open ‘Rabwa 2’.
Similar to the long-standing success and expertise in the Egyptian market, Talaat Moustafa Group is currently opening new markets in the development of residential communities, hotels and resorts, which include the establishment of a joint venture in Saudi Arabia, as well as the expansion of opportunities in the Gulf, in addition to expansions. It is undertaking within Egypt of setting up new hotel projects and resorts in locations such as Marsa Alam, Luxor, and more in the near future.