PIF’s ROSHN, TMG Saudi sign preliminary deal for 55k-home Riyadh project

RIYADH: Talaat Moustafa Group’s Saudi subsidiary has signed a preliminary agreement with Public Investment Fund-owned ROSHN Group to establish a joint company to explore a mixed-use development in Riyadh. TMG Saudi will hold a 51 percent stake in the proposed joint company, while ROSHN will own 49 percent, according to a disclosure by TMG Holding to the Egyptian Exchange. The project, which is planned for a prime location in Riyadh, is expected to comprise more than 55,000 residential units, a