Talaat Moustafa wins permit for Saudi project

CAIRO May 10 (Reuters) - Egypt's largest listed developer Talaat Moustafa Group (TMGH.CA) said on Monday it had won approval to sell homes off-plan, or before construction, in its Nasamat Al Riyadh project in Saudi Arabia.

Talaat Moustafa has said it would like to expand into the Saudi real estate market to sell homes to the country's many young, wealthy consumers.

The Riyadh project is a 50-50 joint venture between Talaat Moustafa and the Saudi-owned Al Oula Real Estate Development Company. (Writing by Alexander Dziadosz; Editing by Dan Lalor)