TMG negotiating with the government for 5,000 feddans in New Cairo

Talaat Moustafa Group Holding is in negotiations with the New and Urban Communities Authority (NUCA) to acquire 5,000 feddans of land it plans to use for expansions in New Cairo, a source familiar with the matter tells Al Mal. NUCA is currently willing to give the company as much as 1,000 feddans, but the company has been driving a hard bargain, offering to develop the area in partnership with the state. NUCA has set the price at EGP 4,000 per sqm.