Talaat Moustafa plans Saudi project

Jihad Sawaftah, finance director of Egypt's biggest developer by market value, Talaat Moustafa Group, has said the firm plans to launch its first project in Saudi Arabia within three months to target the country's young, wealthy buyers, Reuters has reported. 'We are focusing on Saudi Arabia,' he told the news service. 'The land is there, the demand is there. And, don't forget, that is where the money is.' The company wants 40% of its real estate sales to come from Saudi Arabia by 2014, and is shifting into the hotel business to diversify away from Egyptian home sales, Sawaftah added.