Table of Contents
Key Points:
- TMG Holding, AOI, and Schindler Group partner to localize elevator component production in Egypt.
- The partnership supports national projects and aims to assemble and test 5,000 elevator units annually.
- TMG Holding sees record-breaking sales, with a 206% increase in property sales in Q1 2024.
TMG Holding, the Cairo-based real estate giant led by Egyptian billionaire Hisham Talaat Moustafa, has partnered with the Arab Organization for Industrialization (AOI) and global elevator leader Schindler Group to localize the production of elevator components in Egypt.
The agreement was signed in the presence of high-ranking officials, including Assem El Gazzar, Minister of Housing, Utilities and Urban Communities. Signatories included Mokhtar Abdel Latif, Chairperson of the AOI, and Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding.
The partnership aims to support national projects under the Ministry’s umbrella, with a phased approach for Schindler to transfer technology and expertise for local assembly and testing of elevator components.
AOI, TMG to establish elevator assembly facility with Schindler oversight
AOI and TMG will create a facility where Schindler oversees elevator assembly and testing. This site will support projects from the Ministry of Housing and other Egyptian state institutions. The partnership aims to produce 5,000 elevator units annually over the next decade, boosting local job opportunities.
The recent agreement aligns with Egypt’s vision to maximize local content in industries, including elevators. It emphasizes local industry support and aims for complete localization of elevator manufacturing. This initiative promotes locally produced goods and modern technologies amid Egypt’s urban development.
Hisham Talaat Moustafa noted the agreement’s role in attracting foreign investment and promoting local manufacturing. He emphasized TMG’s commitment to quality in its real estate and hotel projects, aligning with the partnership’s goal of top-tier elevator systems.
TMG Holding’s dominance in the real estate sector
Founded in 1974, TMG Holding has cemented its position as a leading force in Egypt’s real estate industry. Under the leadership of Hisham Talaat Moustafa, who holds a 43.16-percent stake in the company, equivalent to 890,633,483 ordinary shares, the conglomerate has witnessed exponential growth.
In the first quarter of 2024, TMG reaffirmed its dominance with record-breaking sales figures. Property sales surged by 206 percent, reaching EGP61.8 billion ($1.3 billion) in the first three months of the year. This growth is attributed to its successful expansion into Saudi Arabia, which generated over EGP 32 billion ($670.8 million) in sales within just 10 working days.
