Daijiworld Media Network – Baghdad
Baghdad, May 25: Egypt’s leading real estate developer, Talaat Moustafa Group Holding (TMG), has taken a major stride in its regional expansion by signing a Memorandum of Understanding (MoU) to develop a 14 million square metre mixed-use smart city in south-west Baghdad, Iraq.
The MoU was signed on Sunday, May 25, in the presence of Iraqi Prime Minister Mohammed Shia’ Al Sudani, National Investment Commission Chairman Haider Makiya, and TMG CEO and MD Hisham Talaat Moustafa. The agreement paves the way for a final contract and marks a strategic milestone for TMG’s growth across the Arab world.
The Baghdad project is expected to house around 46,000 mixed-use units, replicating the group’s successful community models in Egypt and Saudi Arabia, complete with infrastructure, sustainable features, and smart technologies.
TMG Holding announced that with this new addition, its total regional land bank across Iraq, Saudi Arabia, and Oman has reached 29 million sqm, while its overall land bank, including Egypt, now stands at 125.9 million sqm. This positions the group among the top three publicly listed developers in regional capital markets.
The Iraqi venture is anticipated to yield $17 billion in total sales and $1.5 billion in annual recurring income, leveraging strong demand for high-quality residential and commercial infrastructure amidst Iraq’s economic recovery.
This deal follows TMG’s May 2025 expansion into Oman, where the company secured 4.9 million sqm across two projects estimated to generate $4.7 billion in sales. Earlier in 2024, TMG launched Banan City, a 10 million sqm development east of Riyadh, via its subsidiary TMG Saudi Arabia, formed in partnership with Saudi investment giant AlMuhaidib Group.
From its launch to March 2025, Banan City achieved sales of SAR 6 billion ($1.6 billion), making it one of Riyadh’s top-performing private sector real estate projects.
TMG’s regional strategy operates under a self-financed off-plan model, requiring minimal upfront capital. The company is confident this model, combined with its strong brand and seasoned leadership, will deliver consistent value to shareholders while expanding its presence in the broader Middle East.
The firm also highlighted that the expansion boosts its foreign exchange earnings and recurring income streams, hedging against local currency risks and supporting its premium hospitality arm, ICON, which recorded $255 million in revenue in 2024.
With a strategic presence now established in Saudi Arabia, Oman, and Iraq, TMG Holding has reaffirmed its vision to emerge as a regional powerhouse in real estate and urban development, catering to the evolving needs of the Arab world’s urban future.