Iraq could soon be home to a multi USD bn development courtesy of local real estate giant Talaat Moustafa Group. Talaat Moustafa Group — or TMG for short — is negotiating with the Iraqi government to build an administrative city in Iraqi capital Baghdad, Iraq’s National Investment Commission Vice Chairman Salar Mohamed Amin told Al Arabiya.

The project will cost upwards of USD 10 bn and cover a 35 sq km area. Details are still few and far between, but we should know more by the start of 2026, when the two sides are expected to reach a final agreement, Amin told Asharq Business separately.

We’ve been on the lookout for TMG Iraq expansion news since September when the group announced it had started working on legal and technical procedures ahead of upcoming — and unspecified — investments and projects in Iraq.

But TMG isn’t the only local real estate player expanding into Iraq, with reports out just yesterday that the Sawiris-owned Ora Developers has begun work on its USD 7 bn first phase of its Ali Al Wardi New City project in Baghdad, reports Asharq Business.

And Iraq isn’t the only country in the region that TMG is expanding to, with the company beginning sales in May for its first development in Saudi Arabia — which also marked its first 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.

Amin expects Egyptian investments in Iraq to more than triple over the next five years, rising from USD 3 bn currently to USD 10 bn, he said.

Tags: