Egyptian property tycoon Hisham Talaat Moustafa looks to Iraq, Saudi Arabia for growth

Talaat Moustafa Group (TMG), the Egyptian real estate company controlled by billionaire Hisham Talaat Moustafa, is looking to expand its operations to Saudi Arabia and Iraq, as demand surges for housing units in the two countries.

According to Arab News, Hisham Talaat Moustafa, CEO of TMG, revealed this during a recent visit by Saudi Housing Minister Majid Al-Hogail and Saudi Ambassador to Egypt Osama Al-Naqli to the company’s Madinaty project, which is believed to be the largest private-sector development in Egypt, covering an area of 33 million square meters. He disclosed that the company has formed a committee to study investment opportunities in Saudi Arabia and Iraq.

TMG reportedly made attempts to enter the Saudi real estate sector about 12 years ago, when it planned to establish a project called, “Breaths of Riyadh,” in Riyadh’s Rimal district.

Moustafa noted that Iraq’s instability over the past 30 years has created a demand for housing projects and pointed out that the Iraqi government was impressed with TMG’s Madinaty and Al Rehab projects in Egypt and were keen to replicate similar projects in Iraq.