Egyptian billionaire eyes $17 billion from mixed-use development in Iraq

Key Points

• TMG is in advanced talks with Iraq’s investment authority for a 14-million-sqm project expected to deliver 45,000 mixed-use units and $1.5 billion in annual income.
• The Iraq push will be executed through TMG Saudi, following its Riyadh smart city success that drew strong demand and reinforced the group’s regional expansion drive.
• The deal supports TMG’s strategy to earn foreign currency, hedge against currency risks, and export its integrated urban model across high-growth frontier markets.

Cairo-based real estate giant, Talaat Moustafa Group Holding (TMG), controlled by Egyptian billionaire Hisham Talaat Moustafa, is charting a bold regional expansion with a landmark mixed-use development in Iraq, potentially worth $17 billion in total sales.

The development, poised to become one of the largest of its kind in the country, underscores TMG’s ambition to export its proven model of large-scale, self-sustaining urban communities built around strong infrastructure, sustainable practices, and smart technology.

The group—renowned for its expansive developments in Egypt and Saudi Arabia—said it is in advanced talks with Iraq’s National Investment Commission for a 14-million-square-meter project southwest of Baghdad. Once completed, the project is expected to deliver 45,000 residential and commercial units and generate over $1.5 billion in recurring annual revenue.

TMG advances Iraq entry with mega housing plan

According to its latest update, TMG is pushing ahead with plans to enter Iraq in what would mark its most ambitious expansion beyond Egypt and Saudi Arabia, aiming to replicate its “well-tested” model of integrated communities across borders.

The planned development will be executed through its Saudi subsidiary, TMG Saudi, which last year launched a 10-million-square-meter smart city in Riyadh that drew strong demand from Saudi buyers. That success has bolstered the group’s regional export ambitions.

TMG said the Baghdad project would enhance its ability to generate foreign currency and shield investor returns from Egyptian pound volatility, while cementing its position as a regional leader in real estate and tourism-linked urban development.

“Exporting our urban development model is a strategic priority,” the company said in a statement, adding that feasibility studies and exploratory meetings in Iraq have already been completed. Subject to final approvals, land allocation from Iraqi authorities is expected before the end of 2025.

TMG’s Iraq play deepens Gulf pivot

TMG Holding, Egypt’s largest real estate developer, is setting its sights on Iraq as it looks to build on its recent expansion into Saudi Arabia. Founded in 1974 and chaired by Hisham Talaat Moustafa, who owns a 43.16 percent stake, the group has grown steadily over the years while keeping its financial footing strong.

Under Moustafa, TMG has undergone a major transformation over the past decade, and now the company is leveraging its success in the Gulf to fuel its expansion into Iraq. The company expects to receive land allocations from Iraqi authorities by the end of the year, pending final approvals. As Egypt’s real estate market faces challenges, Iraq presents an opportunity for growth, offering a stable income stream that extends beyond the company’s home market. 

This move marks a clear shift in TMG’s focus toward high-growth markets in the region. The company holds a dominant position in Egypt, controlling half of the market share among the country’s top ten developers. With a 70 percent compound annual growth rate in sales since 2017, it ranks first in sales volume and second in value among publicly traded real estate companies in the Middle East.