Egypt's Talaat Moustafa Group expects LE5.5 billion new sales this year

Egypt’s real estate giant the Talaat Moustafa Group (TMG) is expecting LE5.5 billion in new sales this year, resulting in a LE27.5bn backlog, says the controversial firm’s deputy chief executive Tarek El-Naggar.

Quoted in Al Mal financial newspaper, Naggar said TMG has handed over 4,500 units this year to date, expecting to deliver another 5,000 by the end of the 2011/12 financial year.

By the close of 2013, TMG hopes to complete 22,800 units with a total value of LE17 billion.