“Advanced Talks” on $17bn Mega-Project in Iraq

Talaat Moustafa Group Holding (TMG Holding) has confirmed that it is in advanced negotiations with Iraq’s National Investment Commission (NIC) to develop a large-scale mixed-use project southwest of Baghdad, marking a major step in its regional expansion.

The project, spanning approximately 14 million square metres [14,000 donums; 1,400 hectares], is expected to comprise around 45,000 mixed-use residential and commercial units. The company says the project aims to replicate TMG’s integrated city model successfully implemented in Egypt and Saudi Arabia, incorporating sustainability, smart technologies, and comprehensive infrastructure.

In a statement to the Egyptian Stock Exchange, TMG said it estimates the project will generate total sales of around $17 billion, with annual recurring revenues exceeding $1.5 billion once fully operational. The group anticipates receiving the land allocation from the Iraqi authorities by year-end.

This initiative, to be developed through TMG Saudi, aligns with the company’s strategy to boost foreign exchange earnings, hedge against local currency volatility, and reinforce its leadership in exporting real estate and tourism models to regional markets.

TMG Holding stated that it will continue to update shareholders on any material progress regarding the Iraq project, in line with Egyptian Stock Exchange disclosure requirements.

(Source: TMG Holding)