Egypt’s Talaat Moustafa Group Holding (TMG) has signed a Memorandum of Understanding (MoU) to develop a major mixed-use project in Iraq, marking a significant step in its regional expansion.
The agreement, signed on Sunday, 25 May, covers a 14 million square metre (sqm) site in South-West Baghdad and is expected to include around 46,000 residential and commercial units. The project is set to mirror TMG’s existing developments in Egypt and Saudi Arabia, with a focus on sustainability and smart technologies.
The signing ceremony was held in Baghdad under the patronage of Iraqi Prime Minister Mohammed Shia’ Al Sudani. TMG CEO Hisham Talaat Moustafa attended the event alongside Haider Makiya, head of Iraq’s National Investment Commission.
Once finalized, the project will bring TMG’s total land bank in the region, including Saudi Arabia and Oman, to 29 million sqm. Globally, including Egypt, TMG’s total land holdings will reach nearly 126 million sqm.
The company expects the Iraq project alone to generate USD 17 billion (EGP 847.44 billion) in sales and USD 1.5 billion (EGP 74.77 billion) in annual recurring income. It follows the developer’s recent expansion into Oman earlier this month, where it secured two mixed-use sites expected to yield USD 4.7 billion (EGP 234.18 billion) in sales.
TMG’s regional growth strategy is being led by its subsidiary, TMG Saudi Arabia, launched in 2023 in partnership with Saudi investment group AlMuhaidib. Its flagship project, Banan City in Riyadh, has already reported USD 1.6 billion (EGP 79.71 billion) in sales.
In a statement, TMG said the Iraq agreement builds on a year-long study of the market, citing Iraq’s economic recovery and the demand for high-quality residential developments.
The company added that the expansion is part of a broader plan to boost foreign exchange revenues, reduce exposure to local currency volatility, and strengthen its presence in regional real estate and tourism sectors.
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