TMG signs four state partnership deals worth some EGP 11 tn across Madinaty, Alexandria, Abu Qir, and North Coast

Talaat Moustafa Group (TMG) signed multiple agreements with the government, with the combined investments reaching about EGP 11 tn (c. USD 206 bn). The agreements are for developing four mixed-use projects in Madinaty, Alexandria, Abu Qir, and the North Coast, the EGX-listed developer said in an EGX disclosure (pdf) yesterday. President Abdel Fattah El Sisi witnessed the announcement at the Egypt 2026 Forum in the New Capital.

To put it in perspective, the four projects’ combined investments are nearly six times the USD 35 bn ADQ paid for Ras El Hekma and nearly seven times Qatari Diar’s USD 29.7 bn Alam El Roum. They’re also about four and a half times TMG’s own SouthMED and The Spine combined (EGP 2.4 tn), by our math. The company puts the four sites at more than 37 mn sqm, though the areas it lists for each add up to about 33 mn sqm.

What’s on the table: Abu Qir alone accounts for nearly half the money.

• Abu Qir (EGP 5 tn, 6.65 mn sqm): An industrial, real estate, logistics, and tourism hub next to the new Abu Qir port. It’s designed to tie together the port, a freezone, industrial complexes, and commercial and residential uses.
• North and West Madinaty (EGP 3.2 tn, 5 mn sqm): A commercial, administrative, and residential extension of Madinaty on the strip between it and the Suez Road. It would plug into the city’s existing infrastructure and residents.
• Central Alexandria (EGP 1.7 tn, 11.3 mn sqm): The first project of its kind in Egypt’s second-largest city, TMG says, modeled on its existing integrated communities. TMG’s only other big Alexandria asset is the San Stefano complex, home to the Four Seasons.
• North Coast, km 147-151 (EGP 970 bn, 10.4 mn sqm): A SouthMED-style destination with homes, chalets, villas, hotels, and retail.

What the state gets in return hasn’t been disclosed: The filing gives no partnership terms, no timelines, and no name for the state entity on the other side of the contracts. It frames the agreements only as part of the state-private partnership program, aimed at widening TMG’s land bank and spreading its sales across the country. The terms matter, because the state’s take varies widely by transaction. It gets 35% of Ras El Hekma’s revenues once the project starts operating and 15% of Alam El Roum’s only after the project recovers its costs.

The state wants something extra too: El Sisi asked the government to work with TMG on building 200k rental housing units, the presidency said. The four TMG projects would generate some EGP 2.4 tn in direct and indirect taxes and create about 6 mn jobs, according to local press reports, citing figures presented at the forum.

That’s a lot to build on top of what’s already in TMG’s pipeline. The company booked EGP 219.1 bn in contracted sales in 1H 2026, helped by SouthMED and The Spine, and its net income rose 23% to EGP 9.9 bn on revenue of EGP 30.2 bn.

REMEMBER- TMG has made a habit of supersized launches. SouthMED covers 23 mn sqm and drew EGP 200 bn in reservations in its first six working days in 2024. The EGP 1.4 tn The Spine in Madinaty secured cabinet approval for an investment zone in July, and its license “will come through within days,” Gafi CEO Mohamed Awad told us.