TMG Holding unveils 2 development projects in Oman with expected sales of $4.7bln
Arab Finance: Talaat Moustafa Group Holding (TMG Holding) penned an agreement with the Omani Ministry of Housing and Urban Planning to establish two mixed-use development projects, with a projected sales value of $4.7 billion, according to a bourse disclosure.
The agreement was signed by Khalfan Al-Shueili, Minister of Housing and Urban Planning of Oman, and Hisham Talaat Moustafa, Chairman of Talaat Moustafa Group Muscat for Real Estate Development.
The deal aligns with the group's regional expansion strategy, which focuses on developing integrated residential cities.
Located within the newly established Sultan Haitham City, the two development schemes span 2.7 million square meters and 2.2 million square meters, respectively.
Upon completion, the projects are expected to contribute to the group's recurring income streams on a perpetual basis, with a value estimated at $54.8 million annually.
The two projects are set to deliver around 12,900 residential units, including about 9,200 conventional and serviced apartments.
This announcement reinforces TMG Holding's foreign exchange generation capabilities and expands its recurring income base, securing a natural hedge against local currency fluctuations.
TMG Holding's consolidated profits hiked by 54.53% to EGP 3.693 billion in the first quarter (Q1) of 2025 from EGP 2.390 billion in Q1 2024.
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