Latest news with #MohammedShia'AlSudani
MTV Lebanon
3 days ago
- Business
- MTV Lebanon
Watch: The President in Baghdad
President Joseph Aoun arrived at Baghdad International Airport at 10 am on Sunday, where he was received by Iraqi Prime Minister Mohammed Shia' Al Sudani, his office director Ihsan Al Awadi, the head of the Iraqi National Security Service Abdel Karim Al Basri, along with several senior Iraqi officials, the Lebanese ambassador to Iraq Ali Habhab, the chargé d'affaires Nada Majoul, and embassy staff. The President and the Iraqi Prime Minister proceeded to the platform where the Lebanese and Iraqi national anthems were played, followed by an honor guard review. President Aoun then greeted members of the Iraqi delegation, while Prime Minister Sudani greeted members of the Lebanese delegation. From the airport, President Aoun made the following statement: 'I am pleased to accept the invitation of my brother, His Excellency the President of the brotherly Republic of Iraq, Abdul Latif Rashid, whom I previously met in Cairo on the sidelines of the extraordinary Arab Summit held in the Egyptian capital. This visit is also an opportunity to meet with Prime Minister Mohammed Shia' Al Sudani, reflecting the depth of the historic brotherly relations that bind Lebanon and Iraq and embody our shared commitment to enhancing cooperation and coordination in various fields. This visit is an opportunity to thank the Iraqi leadership and the brotherly Iraqi people for their continuous support to Lebanon and for the valuable assistance they have provided to the Lebanese people, especially during the recent war witnessed by Lebanon. We also highly appreciate the shipments of Iraqi oil, which have provided vital support to Lebanon in its difficult circumstances, expressing the sincere spirit of Arab brotherhood and its noble meanings. I must also congratulate brotherly Iraq on its outstanding success in hosting the Arab Summit and the Arab Economic Development Summit, which marked an important milestone in the path of joint Arab work. This success reflects Iraq's ability to shoulder its leadership responsibilities in the region and its pivotal role in strengthening Arab solidarity. I am confident that the talks I will hold today will confirm the complete alignment of views between Lebanon and Iraq, especially regarding deepening coordination and cooperation in all security fields, particularly in combating terrorism and extremism, stemming from our shared belief that security and stability in our countries are interconnected, and that facing security challenges requires joint efforts and exchanging expertise and information. This visit affirms Lebanon's keenness to develop its relations with brotherly Iraq in various political, economic, cultural, and security fields, serving the interests of our two brotherly peoples and enhancing the stability and prosperity of the region.' From the airport, President Aoun headed to the Iraqi Presidential Palace to meet with President Rashid.
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
TMG signs Iraq MoU for 14 million sqm project, expands Middle East footprint
Talaat Moustafa Group Holding (TMG) has signed a Memorandum of Understanding (MoU) to develop a large-scale, 14m sqm mixed-use project in Iraq, a move that will increase its land bank in regional markets to 29 million sqm. The Egyptian property developer announced that the MoU was concluded on Sunday, May 25, 2025. This followed a disclosure on April 28, 2025, regarding ongoing negotiations with Iraqi authorities for a new mixed-use sustainable city. The signing ceremony was held under the patronage and in the presence of Mohammed Shia' Al Sudani, Prime Minister of Iraq, Haider Makiya, Chairman of the Iraqi National Investment Commission, and Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding. The MoU precedes an anticipated final agreement. The development is planned for a 14m sqm site in South-West Baghdad and is expected to comprise around 46,000 mixed-use units. TMG Holding stated the project will replicate the community model it has implemented in Egypt and Saudi Arabia, offering quality housing, infrastructure, and services, with an emphasis on sustainability and smart technologies. This agreement in Iraq will bring TMG Holding's total land bank in the region, spanning Saudi Arabia, Oman, and Iraq, to 29 million sqm. Including projects under development in Egypt, the group's total land bank will reach 125.9 million sqm, positioning TMG Holding as one of the top three developers publicly listed on regional capital markets, the company said. The expansion into Iraq, and into Oman earlier in May 2025, is part of TMG Holding's strategy to build a significant regional development presence in the Arab World. The company outlined that its regional portfolio now provides access to a land bank of 29 million sqm across Saudi Arabia, Oman, and Iraq. The total number of units across the three projects in these countries is estimated at approximately 81,000. Furthermore, estimated sales from these three secured projects are projected to amount to $33 bn over the lifespan of the developments, with an expected sales profit margin ranging from 12% to 17% post-tax. The estimated annual revenues from the potential portfolio of recurring income assets are anticipated to reach $1.7bn, with an expected profit margin ranging from 75% to 80%. TMG Holding detailed key milestones in its regional expansion strategy, which commenced in 2024. A significant step was the launch of TMG Saudi Arabia through the establishment of Talaat Moustafa Group Saudi Company for Real Estate Development (TMG Saudi Arabia) in September 2023. TMG Holding owns 60% of this entity, with AlMuhaidib Group holding the remaining 40%. TMG Holding described AlMuhaidib as a strong partner and a significant investment group in Saudi Arabia with a track record in supporting regional companies, citing investments in firms such as ACWA Power, Riyadh Cables Group, and Miahona through Vision Invest. Following its establishment, TMG Saudi Arabia secured and launched Banan City, a 10m sqm mixed-use development east of Riyadh. This project is estimated to generate sales of $12bn. From its launch in 2024 until March 31, 2025, Banan City generated sales of SAR 6bn (equivalent to $1.6bn), which the company noted was one of the highest sales figures by a private sector developer in Riyadh. Furthering its regional growth, in May 2025, TMG Saudi Arabia secured a 4.9 million sqm land bank in Oman across two mixed-use projects. These are expected to generate $4.7bn in sales over their lifespan and $54.8m in annual recurring income. The recent Iraq market entry was formalised on May 25, 2025, when a fully owned subsidiary of TMG Saudi Arabia entered into the MoU to develop the 14m sqm mixed-use project in Iraq. This project is expected to generate total sales of $17bn and recurring income of $1.5bn per annum upon completion. TMG Holding stated it had been studying this opportunity for the past year. The company believes that given the recovery of the Iraqi economy and the supply gap for quality residential offerings, it is well-positioned to develop this project. TMG Holding said its new regional developments secured under TMG Saudi Arabia are structured to utilise an off-plan self-financing model, which is not expected to require significant upfront investments before their launch. The company further stated that TMG Saudi Arabia has been established with management, resources, and talent from TMG Holding and local markets, leveraging TMG Holding's vision, brand recognition, and track record. TMG Saudi Arabia is intended to be a main pillar of value creation for TMG Holding and will continue to assess growth opportunities, serving as a launchpad for further expansion across Saudi Arabia and the Arab World. TMG Holding's leadership will remain focused on creating shareholder value, similar to its achievements with ICON, its hospitality platform, which it described as a market-leading player in Egypt's premium hospitality segment. TMG Holding noted that ICON's total consolidated revenues reached $255m in 2024. The expansion into regional markets, the company added, further enhances its foreign exchange generation capabilities and recurring income portfolio, helps hedge investor returns against potential local currency fluctuations, and strengthens its position in providing real estate and tourism products and services in the broader Middle East region.
Egypt Today
25-05-2025
- Business
- Egypt Today
TMG signs Iraq MoU for 14 million sqm project, expands Middle East footprint
Talaat Moustafa Group Holding (TMG) has signed a Memorandum of Understanding (MoU) to develop a large-scale, 14m sqm mixed-use project in Iraq, a move that will increase its land bank in regional markets to 29 million sqm. The Egyptian property developer announced that the MoU was concluded on Sunday, May 25, 2025. This followed a disclosure on April 28, 2025, regarding ongoing negotiations with Iraqi authorities for a new mixed-use sustainable city. The signing ceremony was held under the patronage and in the presence of Mohammed Shia' Al Sudani, Prime Minister of Iraq, Haider Makiya, Chairman of the Iraqi National Investment Commission, and Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding. The MoU precedes an anticipated final agreement. The development is planned for a 14m sqm site in South-West Baghdad and is expected to comprise around 46,000 mixed-use units. TMG Holding stated the project will replicate the community model it has implemented in Egypt and Saudi Arabia, offering quality housing, infrastructure, and services, with an emphasis on sustainability and smart technologies. This agreement in Iraq will bring TMG Holding's total land bank in the region, spanning Saudi Arabia, Oman, and Iraq, to 29 million sqm. Including projects under development in Egypt, the group's total land bank will reach 125.9 million sqm, positioning TMG Holding as one of the top three developers publicly listed on regional capital markets, the company said. The expansion into Iraq, and into Oman earlier in May 2025, is part of TMG Holding's strategy to build a significant regional development presence in the Arab World. The company outlined that its regional portfolio now provides access to a land bank of 29 million sqm across Saudi Arabia, Oman, and Iraq. The total number of units across the three projects in these countries is estimated at approximately 81,000. Furthermore, estimated sales from these three secured projects are projected to amount to $33 bn over the lifespan of the developments, with an expected sales profit margin ranging from 12% to 17% post-tax. The estimated annual revenues from the potential portfolio of recurring income assets are anticipated to reach $1.7bn, with an expected profit margin ranging from 75% to 80%. TMG Holding detailed key milestones in its regional expansion strategy, which commenced in 2024. A significant step was the launch of TMG Saudi Arabia through the establishment of Talaat Moustafa Group Saudi Company for Real Estate Development (TMG Saudi Arabia) in September 2023. TMG Holding owns 60% of this entity, with AlMuhaidib Group holding the remaining 40%. TMG Holding described AlMuhaidib as a strong partner and a significant investment group in Saudi Arabia with a track record in supporting regional companies, citing investments in firms such as ACWA Power, Riyadh Cables Group, and Miahona through Vision Invest. Following its establishment, TMG Saudi Arabia secured and launched Banan City, a 10m sqm mixed-use development east of Riyadh. This project is estimated to generate sales of $12bn. From its launch in 2024 until March 31, 2025, Banan City generated sales of SAR 6bn (equivalent to $1.6bn), which the company noted was one of the highest sales figures by a private sector developer in Riyadh. Furthering its regional growth, in May 2025, TMG Saudi Arabia secured a 4.9 million sqm land bank in Oman across two mixed-use projects. These are expected to generate $4.7bn in sales over their lifespan and $54.8m in annual recurring income. The recent Iraq market entry was formalised on May 25, 2025, when a fully owned subsidiary of TMG Saudi Arabia entered into the MoU to develop the 14m sqm mixed-use project in Iraq. This project is expected to generate total sales of $17bn and recurring income of $1.5bn per annum upon completion. TMG Holding stated it had been studying this opportunity for the past year. The company believes that given the recovery of the Iraqi economy and the supply gap for quality residential offerings, it is well-positioned to develop this project. TMG Holding said its new regional developments secured under TMG Saudi Arabia are structured to utilise an off-plan self-financing model, which is not expected to require significant upfront investments before their launch. The company further stated that TMG Saudi Arabia has been established with management, resources, and talent from TMG Holding and local markets, leveraging TMG Holding's vision, brand recognition, and track record. TMG Saudi Arabia is intended to be a main pillar of value creation for TMG Holding and will continue to assess growth opportunities, serving as a launchpad for further expansion across Saudi Arabia and the Arab World. TMG Holding's leadership will remain focused on creating shareholder value, similar to its achievements with ICON, its hospitality platform, which it described as a market-leading player in Egypt's premium hospitality segment. TMG Holding noted that ICON's total consolidated revenues reached $255m in 2024. The expansion into regional markets, the company added, further enhances its foreign exchange generation capabilities and recurring income portfolio, helps hedge investor returns against potential local currency fluctuations, and strengthens its position in providing real estate and tourism products and services in the broader Middle East region.
MTV Lebanon
17-05-2025
- Politics
- MTV Lebanon
Iraq Pledges $20 Million for Lebanon's Reconstruction
Iraqi Prime Minister Mohammed Shia' Al Sudani announced the provision of $20 million for the reconstruction of Lebanon and another $20 million for the reconstruction of Gaza. In his speech at the opening session of the Arab Summit in Baghdad, he added: " We support a ceasefire in Lebanon and all efforts that lead to the stability of this brotherly Arab nation." Additionally, the Secretary-General of the Arab League, Ahmed Aboul Gheit, pointed out that "Lebanon is facing a historic challenge of confining weapons to the hands of the state," considering that "Israel's policies in Palestine, Syria, and Lebanon will plunge the region into endless cycles of confrontation."
Sharjah 24
17-05-2025
- Politics
- Sharjah 24
Iraq announces 18 initiatives to revitalise joint Arab action
In his opening address to the 34th Arab Summit, which Baghdad hosted today, Iraqi Prime Minister Mohammed Shia' Al Sudani announced that 'Iraq pledges a contribution of $20 million for the reconstruction of Gaza and another $20 million for the reconstruction of brotherly Lebanon.' 'The 34th Arab Summit is not just a meeting; it marks the beginning of a new chapter and a turning point toward a better future for our peoples,' he added.
