By midday, the stock had climbed to 51.76 Egyptian pounds, fuelled by the company's imminent acquisition of a substantial project in Iraq. Trading volume for Talaat Moustafa's stock had reached 216 million Egyptian pounds by the session's midpoint.
The Iraqi government is currently in talks with Talaat
Moustafa Group Holding for the development of a new administrative city south
of Baghdad. This massive project is planned to cover 35 million square meters
and is estimated to cost over $10 billion, as stated by Salar Muhammad Amin,
the Deputy Head of the National Investment Commission.
The Iraqi official anticipates the project's completion within five years, with the land handover to the company expected by the end of this year.