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All roads lead to Baghdad: Local real estate giant Talaat Moustafa Group (TMG) said that it is carrying out the legal and technical procedures needed ahead of carrying out investments and projects in Iraq, it said in a disclosure (pdf) to the EGX.
What’s next? The company said that it would announce further details once “executive procedures commence.”
TMG isn’t the only Egyptian company that has recently set its sights on the Iraqi market: Sawiris-owned Ora Developers inked an agreement with the Iraqi government to develop a new residential city in Iraq — dubbed Ali Al Wardi New City — which will house 120k residential units and is set to be the biggest residential complex in Iraq. Other Egyptian companies have also expressed interest in Iraq’s pharma, infrastructure, and construction sectors during Iraqi Prime Minister Mohammed Shia’ Al Sudani’s recent visit to Egypt and a delegation led by Industry and Transport Minister Kamel El Wazir is also set to land in Iraq on 9 September to finalize a number of strategic partnerships between companies from both countries.
And Iraq isn’t the only country in the region that TMG is expanding to: Talaat Moustafa Group began selling units in May for its first development both in Saudi Arabia and outside of Egypt. The mixed-use SAR 65 bn Benan City project in Riyadh that was developed in partnership with Saudi Arabia’s National Housing Company will be fully built out over eight years and eventually house 27.8k residential units, along with a sports club and health, educational, and commercial services.
It’s already been a big year for TMG: The company described its EGP 1 tn North Coast project SouthMed launched in July as “the fastest and top selling company of a single project launch in the MENA region.” This project and others led to the group’s sales increasing 6.5x y-o-y to a “record-high” of EGP 391 bn in 1H 2024.
And the bourse has taken note: TMG shares have been among the best performers on the EGX, now sitting up 147.4% since the start of 2024 and up 441.3% over the last 12-month period.
