Egypt’s TMG Holding is in advanced talks to build a large mixed-use project in Iraq, aiming to make $17 billion in sales
Egypt’s Talaat Moustafa Group Holding (TMG Holding) is close to making a deal with Iraq’s National Investment Commission (NIA) to build a large, eco-friendly project with homes, businesses, and other uses on 14 million square meters of land in southwest Baghdad.
$17 Billion in Sales
TMG said a new project is expected to make about $17 billion in total sales, with yearly income of more than $1.5 billion once it’s finished, according to a report sent to the Egyptian Exchange (EGX). The project will include about 45,000 homes and buildings for various uses.
The project matches TMG’s past success in building communities in Egypt and Saudi Arabia. It will offer good-quality housing, strong infrastructure, and important services, with a focus on using green and smart technologies.
TMG’s plans to expand into Iraq and other nearby countries support its goal to grow across the region. The group wants to increase its income in foreign currencies, protect investor profits from local currency changes, and strengthen its position in real estate and tourism.
TMG said the Iraq project is part of its big plan to bring its city-building model to the Gulf region and beyond. If talks go well, they hope to get the land from Iraqi officials by the end of the year.
The project will be led by TMG’s Saudi branch, TMG Saudi, which recently succeeded in launching a huge 10 million square meter smart and eco-friendly city in Riyadh. That project was very popular with local buyers.
A Regional Leader
TMG Holding was ranked sixth on Forbes Middle East’s 2024 list of Egypt’s Top 50 Listed Companies. The group has total assets worth $4.2 billion. Its CEO, Hisham Talaat Moustafa, was named the fourth Most Impactful Real Estate Leader for 2025 by Forbes Middle East.
In 2024, TMG made record-breaking sales of over $10 billion (around EGP 504 billion).
TMG credits much of its regional success to its strong entry into the Saudi market, especially through its major “Banan” project in Riyadh.
In Egypt, TMG holds a 50% market share and is one of the top 10 real estate developers in the country.
Published: 3rd May 2025
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