Egypt's Talaat Moustafa Group eyes expansion in North Coast, Gulf, North Africa
Egypt - Talaat Moustafa Group (TMG) is exploring new expansion opportunities on Egypt's North Coast, in the Gulf region, and across North Africa, the company has indicated, following a period of strong sales growth.
The Egyptian property developer reported record sales exceeding EGP 504bn (approximately $10bn) in 2024, building on a compound annual growth rate (CAGR) of 70% in value since 2017. In the first quarter of 2025, TMG announced a 25% year-on-year sales increase to EGP 77bn, up from EGP 62bn in the same period of 2024. This growth was achieved despite no new real estate projects being launched during the first quarter of the current year.
TMG Holding aims to sustain total sales for the 2025 fiscal year at levels similar to its 2024 performance. This target is expected to be supported by new project launches anticipated by year-end, including the mixed-use Sharm El Sheikh Bay development in the city of Sharm El Sheikh.
Earlier, at the beginning of May 2025, the group launched the second phase of its South Med project. The initial launch in 2024 saw over EGP 70bn in reservations secured on the first business day. Consequently, TMG's total sales year-to-date have surpassed EGP 160bn, representing a growth rate of 125%.
Talaat Moustafa Group said its acquisition of seven prominent historic hotels in Egypt, which added over 2,500 rooms to its hotel portfolio, has fortified a stable and predictable revenue stream in foreign currencies. TMG reported continued growth in revenues from recurring income activities during the first quarter of 2025, with total hotel revenues increasing by 50% to reach EGP 3.5bn in this period. Income from hotel operations and other recurring activities totalled EGP 5.6bn in the quarter, a 70% growth rate, and these revenues constituted approximately 60% of the group's total consolidated revenues during this period.
In terms of land bank expansion, Talaat Moustafa Group stated it is in advanced negotiations for a large-scale, mixed-use project in Iraq, covering approximately 14 million square metres. This follows land bank and project expansions undertaken in 2024, which included the group's entry into the Saudi Arabian market through an agreement for the Banan project (10 million square metres), in addition to the South Med project on Egypt's North Coast (23 million square metres).
Furthermore, the company is actively exploring expansion opportunities in Gulf Cooperation Council (GCC) countries and the broader Middle East and North Africa (MENA) region, with initiatives aimed at enhancing TMG's profitability and generating cash flows in hard currencies.
Talaat Moustafa Group is also preparing for new growth opportunities on Egypt's North Coast. This strategy builds on the performance of its 'South Med' project and is supported by the opening of new destinations in the area, such as the recently inaugurated Ras El Hekma project.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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