Table of Contents
Key Points
- TMG Holding partners with Huawei to introduce AI-driven cloud technology in Egypt, enhancing digital infrastructure for the Noor City development.
- The alliance will create AI-powered data centers, improving real-time data analytics and connectivity for TMG's smart city projects.
- TMG reports a 59% revenue increase in H1 2024, fueled by strong property sales and new projects, including a $21 billion investment in SouthMed.
TMG Holding, the Cairo-based real estate giant led by Egyptian billionaire Hisham Talaat Moustafa, has partnered with Chinese tech giant Huawei to launch Egypt’s first AI-driven cloud services. This collaboration aims to enhance the country’s digital infrastructure, starting with the Noor City project, a key smart city initiative.
Building on their existing relationship in smart cities and sustainable solutions, TMG and Huawei plan to reshape Egypt’s urban landscape. By utilizing Huawei's expertise in cloud computing and artificial intelligence, the partnership will support TMG's innovative developments, representing a significant step for Egypt's real estate sector in integrating digital technology with sustainable urban growth.
Revolutionizing urban development
TMG signed an agreement with Huawei in Shenzhen, China, to utilize the company's advanced cloud technologies for the Noor City smart city project. This partnership aims to create AI-powered data centers that will enable real-time data analytics, seamless connectivity, and scalability, setting a new benchmark for Egypt's digital transformation. TMG will also launch “NOOR Cloud,” offering tailored cloud services for modern urban communities.
“We are excited to partner with Huawei,” said Mohamed Hisham Talaat Moustafa, TMG’s chief recurring income officer. “Our cloud solutions will drive digital transformation, stimulate economic growth, and improve customer service. Together, we are unlocking new possibilities.” Mohamed Salah, TMG’s VP of Intelligent Cities, emphasized that the partnership will redefine urban living with sustainable solutions.
Huawei executives view the agreement as a game changer. Hank Chen, vice president of Huawei’s Government Public Services Digitalization Business, stated, “Cloud technology provides unmatched opportunities for cities in the digital age. With this partnership, Noor City can fully realize its potential.” Felix Xu, CEO of Huawei Egypt Enterprise Business Group, added, “Our collaboration with TMG will enhance Egypt’s urban spaces, creating sustainable and connected environments through our cloud services and AI models.”
TMG Holding’s financial strength
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, the conglomerate has witnessed exponential growth.
The group’s financial results have been outstanding, reflecting a 59 percent year-on-year revenue surge in the first half of 2024, with revenues rising from EGP10.7 billion ($219 million) in 2023 to EGP17.02 billion ($347.8 million) in 2024. Property sales increased by 206 percent in Q1 2024, reaching EGP61.8 billion ($1.3 billion), enhanced by the consolidation of Legacy Hospitality.
TMG has also launched its first project on Egypt’s North Coast, SouthMed, with a total investment of EGP1 trillion ($21 billion). Spanning 23 million square kilometers, the project is expected to create 1.6 million jobs and generate EGP283 billion ($5.9 billion) in new tax revenues, positioning TMG as a key driver of Egypt’s economic and urban transformation.
