Latest news with #TMG
Zawya
7 days ago
- Business
- Zawya
Egypt: TMG Holding signs MoU to develop 14mln sqm mixed-use project in Iraq
RELATED TOPICS EGYPT NORTH AFRICA IRAQ CORPORATE INFRASTRUCTURE Arab Finance: Talaat Moustafa Group Holding has signed a memorandum of understanding to develop a new large-scale mixed-use project on a 14 million sqm plot in southwest Baghdad, as part of its regional expansion strategy focused on replicating its integrated city model in Middle Eastern markets, as per a disclosure. The project, which follows the TMG's April 28th disclosure regarding negotiations with local Iraqi authorities, is expected to include approximately 46,000 mixed-use units. It will mirror TMG's established community development approach implemented in Egypt and Saudi Arabia, with a focus on high-quality housing, smart infrastructure, and sustainability. With this MoU, TMG Holding's regional land bank rises to 29 million sqm, spanning Iraq, Saudi Arabia, and Oman. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
CairoScene
26-05-2025
- Business
- CairoScene
Talaat Moustafa Group to Build Its First Mega Project in Iraq
Backed by a Saudi partnership, TMG's first project in Iraq is a mixed-use development on the outskirts of Baghdad. May 26, 2025 Talaat Moustafa Group Holding (TMG) is entering the Iraqi market with plans to build a 14 million square metre mixed-use development southwest of Baghdad. The new city will include around 46,000 residential units, designed around the group's community model with smart infrastructure and integrated public services. The project is being launched through TMG's Saudi subsidiary, a joint venture with the AlMuhaidib Group, one of the region's most active investment firms with stakes in companies like ACWA Power and Riyadh Cables Group. Expected to generate USD 17 billion in total sales and USD 1.5 billion in recurring annual income once completed, the city will follow TMG's self-financing model. With Iraq experiencing renewed investment interest and facing a shortage of high-quality housing, TMG's entry is both a strategic expansion and a response to a growing market gap in urban development.
Zawya
26-05-2025
- Business
- Zawya
TMG signs Iraq deal for 14mln sqm project, expands Middle East footprint
Egypt - 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 divs 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. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Iraqi News
25-05-2025
- Business
- Iraqi News
Iraq signs MoU with Egypt's TMG for major Al-Rafil Economic City development
Baghdad ( – Iraq's National Investment Commission (NIC) and leading Egyptian developer Talaat Moustafa Group (TMG) Holding signed a Memorandum of Understanding on Sunday (May 25, 2025) for a major Iraqi-Egyptian-Saudi investment project. The signing, overseen by Prime Minister Mohammed Shia Al Sudani, focuses on developing a significant part of the Economic City within Al-Rafil City, west of Baghdad. The ceremony, attended by the Chairman of Saudi Arabia's Al Muhaidib Group, Sulaiman bin Abdul Qadir, saw TMG present designs for integrated cities and detail plans for the Economic City, including its services, schools, and hotels. PM Al Sudani welcomed the partnership, reaffirming government support for investment and facilitating such large-scale development. Hisham Talaat Moustafa of TMG expressed readiness to implement the projects. This MoU follows TMG's April announcement of advanced talks for a new $17 billion city project in Iraq. This trilateral initiative marks a substantial step in realizing ambitious urban development in Iraq, leveraging regional expertise and investment to create a modern economic hub.
Iraqi News
25-05-2025
- Business
- Iraqi News
Iraq, Saudi Arabia, Egypt to develop economic city near Baghdad
Baghdad ( – Under the auspices of Iraqi Prime Minister Mohammed Shia Al-Sudani, Iraq's National Investment Commission (NIC) and Talaat Moustafa Group (TMG), a leading Egyptian conglomerate specialized in real estate development, signed on Sunday a Memorandum of Understanding (MoU) to develop part of the Al-Rufail Economic City as a collaborative investment project between Iraq, Saudi Arabia, and Egypt. During a ceremony held in the Iraqi capital, Baghdad, to sign the MoU, Al-Sudani underscored the government's support for investment projects and commitment to providing an acceptable environment for increasing investment activity in Iraq, according to a statement released by the Prime Minister's Office (PMO). TMG's chairman, Hisham Talaat Moustafa, affirmed the group's willingness to collaborate and begin implementing agreed-upon projects. According to the Iraqi News Agency (INA), the Al-Rufail Economic City is a planned economic zone in western Baghdad, intended to attract domestic and foreign investment. It is the first economic city in Iraq. TMG said in April that it was in advanced discussions with the Iraqi government to construct a new city on a 14-million-square-meter land area, featuring 45,000 housing units, with estimated sales of $17 billion. According to Shafaq News, Al-Sudani revealed in January that the Iraqi government signed contracts worth over 600 billion Iraqi dinars (nearly $459 million) with Egyptian companies.
