{"id":640759,"date":"2024-09-01T00:00:00","date_gmt":"2024-09-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/01\/talaat-moustafa-group-readies-for-iraq-expansion\/"},"modified":"2024-09-01T00:00:00","modified_gmt":"2024-09-01T00:00:00","slug":"talaat-moustafa-group-readies-for-iraq-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/01\/talaat-moustafa-group-readies-for-iraq-expansion\/","title":{"rendered":"Talaat Moustafa Group readies for Iraq expansion"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>All roads lead to Baghdad:<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2677.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a> to the EGX. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The company said that it would announce further details once \u201cexecutive procedures commence.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TMG isn\u2019t the only Egyptian company that has recently set its sights on the Iraqi market:<\/strong> Sawiris-owned Ora Developers <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f8ba478-25f9-400d-b7cc-3a9a9929200f\/japan%25e2%2580%2599s-yazaki-kicks-off-construction-of-auto-parts-factory.-plus:-news-from%253cmark%253e-ora%253c%2Fmark%253e-developers,-bosta,-taqa-volt.\" style=\"\" rel=\"noopener\">inked an agreement<\/a> with the Iraqi government to develop a new residential city in Iraq \u2014 dubbed Ali Al Wardi New City \u2014 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\u2019s pharma, infrastructure, and construction sectors during Iraqi Prime Minister Mohammed Shia' Al Sudani\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d984644a-faa6-447a-b22c-e4bc7992cdcc\/%253cmark%253eiraqi%253c%2Fmark%253e-prime-minister-mohammed-shia'\" style=\"\" rel=\"noopener\">recent visit<\/a> to Egypt and a delegation led by Industry and Transport Minister Kamel El Wazir is also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f5f2b65-10ee-46fc-b53e-bb85bc4dc695\/gov%25e2%2580%2599t-wants-to-commit-to-monthly-payments-to-foreign-fossil-fuel-players-in-bid-to-boost-production\" style=\"\" rel=\"noopener\">set to land in Iraq on 9 September<\/a> to finalize a number of strategic partnerships between companies from both countries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And Iraq isn\u2019t the only country in the region that TMG is expanding to: <\/strong>Talaat Moustafa Group <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8da2ce3-4b0e-4c39-a6e7-8e9d8246e761\/seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans.-plus:-news-from-tmg,-cleopatra,-and-bokra\" style=\"\" rel=\"noopener\">began selling units<\/a> 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\u2019s 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s already been a big year for TMG: <\/strong>The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb1356d6-f56b-48d1-895e-9e21e3e3a668\/emirati-egyptian-partnership-to-launch-usd-500-mn-nile-side-development.-plus:-talaat-moustafa-group,--acwa-power-%2B-amea-power,-elsewedy,-admaius,-concrete,-puma\" style=\"\" rel=\"noopener\">described<\/a> its EGP 1 tn North Coast project SouthMed launched in July as \u201cthe fastest and top selling company of a single project launch in the MENA region.\u201d This project and others led to the group's sales <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75bca066-f2e3-4908-b1ca-302adef09ac8\/%253cmark%253etmg%253c%2Fmark%253e-holding,-contact-financial,-fawry-report-earnings\" style=\"\" rel=\"noopener\">increasing 6.5x y-o-y to a \u201crecord-high\u201d<\/a> of EGP 391 bn in 1H 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A<\/strong><strong>nd the bourse has taken not<\/strong><strong>e: <\/strong>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company said that it would announce further details once \u201cexecutive procedures commence.\u201d<\/p>\n","protected":false},"author":1,"featured_media":640760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7562],"tags":[130,72,552,83,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction","tag-construction","tag-enterpriseam","tag-iraq","tag-real-estate","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"ba445512-9edb-4fab-88bc-ccad936ae7ff","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2143.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Talaat Moustafa Group readies for Iraq expansion","related_issue":[640747],"teaser":"The company said that it would announce further details once \u201cexecutive procedures commence.\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.f2378952-26cb-4a86-800d-b01b7efab634.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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No further details about the project were revealed. TMG had signed a number of cooperation agreements with the kingdom back\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569343,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/talaat-moustafa-to-set-up-four-seasons-branded-luxor-hotel-under-ppp-contract\/","url_meta":{"origin":640759,"position":2},"title":"Talaat Moustafa to set up Four Seasons-branded Luxor hotel under PPP contract","author":"enterpriseam admin","date":"20 February 2020","format":false,"excerpt":"Talaat Moustafa Group (TMG) signed a contract with the Egyptian General Company for Tourism and Hotels (EGOTH) that will see TMG subsidiary Icon establish the planned Four Seasons-branded hotel in Luxor under a PPP framework, TMG said in a regulatory filing (pdf). The 200-room hotel is expected to cost up\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555951,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/tmg-could-expand-to-saudi-and-iraq\/","url_meta":{"origin":640759,"position":3},"title":"TMG could expand to Saudi and Iraq","author":"enterpriseam admin","date":"4 October 2021","format":false,"excerpt":"A few things we\u2019re keeping an eye on this morning:Talaat Moustafa Group is studying expanding its real estate business to Saudi Arabia and Iraq, with CEO Hisham Talaat telling reporters on the sideline of a visit by the Saudi housing minister that both countries are hot prospects for TMG.Over 450\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599907,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/tmg-to-invest-egp-300-bn-in-new-project-in-madinaty\/","url_meta":{"origin":640759,"position":4},"title":"TMG to invest EGP 300 bn in new project in Madinaty","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"Talaat Moustafa Group (TMG) is investing EGP 300 bn in the Spine, a mixed use project in TMG\u2019s Madinaty city, the company said in a disclosure to the EGX (pdf). The project includes residential, administrative, commercial, and recreational units.","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590449,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/talaat-moustafa-plans-egp-500-mn-future-flow-securitization\/","url_meta":{"origin":640759,"position":5},"title":"Talaat Moustafa plans EGP 500 mn future flow securitization","author":"enterpriseam admin","date":"19 July 2023","format":false,"excerpt":"This would be the second future flow issuance in Egypt","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/770.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=640759"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640759\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/640747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/640760"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=640759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=640759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=640759"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=640759"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=640759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}