Hisham Talaat Moustafa’s TMG eyes $4.7 billion sales from mixed-use development in Oman

Key Points

• TMG’s Oman entry includes two landmark developments totaling 4.9 million sqm, combining residential, tourism, and commercial assets.
• The projects are expected to deliver about 12,900 units and generate $54.8 million in annual recurring revenue, bolstering TMG’s foreign currency inflows.
• TMG aims to replicate its Egypt-Saudi model of upscale, self-sustaining smart cities, leveraging Gulf expansion to hedge against Egyptian pound volatility.

Cairo-based real estate giant Talaat Moustafa Group Holding (TMG), led by Egyptian billionaire Hisham Talaat Moustafa, is deepening its Gulf expansion with two landmark mixed-use developments in Oman, potentially worth a combined $4.7 billion in total sales.

The projects—spanning 4.9 million square meters—will rise within the newly planned Sultan Haitham City and the coastal stretch of AlShakheekhit, west of Muscat. Building on its historic milestone of exceeding EGP 1 trillion ($20 billion) in cumulative real estate sales—driven by its SouthMED Phase 2 coastal development—TMG aims to replicate its proven Egyptian and Saudi blueprint of self-sustaining, smart urban communities that fuse upscale living with sustainability and world-class infrastructure.

TMG enters Oman with twin-city plan

The move comes through the group’s Oman-based arm, Talaat Moustafa Group Muscat for Real Estate Development, which signed an agreement with the Omani Ministry of Housing and Urban Planning. The developments are poised to deliver approximately 12,900 residential units, including 9,200 conventional and serviced apartments.

According to its latest update, TMG’s larger project—a 2.7-million-sqm smart city within Sultan Haitham City—will include villas, apartments, sports and social clubs, and 140,000 sqm of commercial space. The second site, along a 1,760-meter beachfront west of Muscat, will become a luxury tourism and residential destination featuring a yacht marina, seafront villas, a high-end hotel, and lagoon-linked chalets.

Gulf expansion strengthens TMG’s foreign currency play

TMG said the projects are central to its strategy to export its urban development model across the Gulf, increasing its foreign exchange earnings and shielding it from volatility in the Egyptian pound. Once operational, the Oman developments are expected to contribute about $54.8 million annually in recurring income.

The twin projects, located minutes from Muscat International Airport, underscore TMG’s ability to self-finance large-scale developments off-plan—eliminating the need for significant upfront capital while maximizing cash flow.

Hisham Talaat Moustafa sharpens Gulf focus

TMG Holding, Egypt’s largest real estate developer, is deepening its Gulf expansion with a bold push into Oman, following its successful entry into Saudi Arabia. Founded in 1974 and chaired by Hisham Talaat Moustafa—who holds a 43.16 percent stake—the group has steadily scaled its footprint while maintaining strong financials.

Under Moustafa’s leadership, TMG has transformed over the past decade, leveraging its Gulf momentum to cement its status as a regional force in real estate and tourism-driven urban planning. The Oman move signals a strategic shift toward high-growth markets, echoing the group’s signature model: self-sustaining cities built from the ground up, with robust infrastructure and long-term value.