TMG is officially heading to Baghdad: Talaat Moustafa Group (TMG) has signed an MoU with Iraq’s National Investment Commission to develop a mixed-use project in South-West of Baghdad, marking the company’s entry into the Iraqi market, according to a statement (pdf) from the company and another from the Iraqi government.

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The details: The project, located in Baghdad’s new administrative capital Al Rafeel City, will span 14 mn sqm and include around 46k residential and commercial units, as well as schools, hotels, and other services.

We knew this was in the pipeline: TMG confirmed last month that it was working on a USD10 bn project in Iraq. The project is expected to generate an estimated USD 17 bn in total sales and a recurring income of more than USD 1.5 bn per year once it is completed.

What they said: “This is an opportunity that has been identified and understudy by the Group for the last year, and given the strong recovery of the Iraqi economy and the supply gap of quality residential offerings in the market, TMG believes it is best positioned to exploit this attractive opportunity achieve deliver compelling returns from its expansion into Iraq,” the real estate developer said in the statement.

TMG is on a roll: The developer just announced its plans to expand into Oman, signing an agreement with the Omani Housing Ministry to develop two mixed-use developments in the Gulf nation. The projects will see investments of OMR 1.5 bn and provide 13k residential and hotel units, generating OMR 1.8 bn from sales.

PARTMENT LAUNCHES PARTMENT STAYS-

Partment expands into short-term rentals: Proptech startup Partment has launched Partment Stays, a comprehensive platform that transforms underutilized properties into professionally managed short-term rentals while helping property owners navigate new holiday home rental regulations, according to a press release (pdf). Partment Stays will manage all the paperwork and regulation processes on owners’ behalf, as well as offer a complementary consultation on what works best for their property, after that it will take over the “management of the property’s design, furnishing, guest experience, payouts, and everything in between,” co-founder and CEO Nadim Nagui told EnterpriseAM.

REMEMBER- The government aims to attract some 25 mn tourists annually by 2028, creating demand for an estimated 250k additional rooms — a gap that platforms like Partment Stays are positioned to help fill beyond traditional hotel accommodation, especially in the North Coast, which Nagui claims has started to attract a lot of foreign travelers.

“This is a natural evolution for us as a company,” Nagui explains. “We see a lot of potential in underutilized properties, and we’re very big on sustainability when it comes to real estate development and usage.” Partment’s ambitions extend beyond property rentals. The company is testing a private chauffeur service and considering additional lifestyle services like yacht rentals, or personal trainers.

AND- Aljar Development and NHMC Group UK unveiled a 46 acre project, Aljar British District in East Cairo, according to a statement. The project will house hotel and residential units, a 24-acre medical city, commercial and administrative spaces, and an educational zone. The medical city is set to host the first accredited British medical school in Egypt, awarding degrees from Aston University. Construction has begun and delivery is expected within the coming three years.

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