The MoU was signed during an official ceremony held under the patronage and attendance of Iraqi Prime Minister Mohammed Shia Al-Sudani. The agreement was signed by Dr. Haider Makiya, Chairman of the National Investment Commission of Iraq, and Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding, on Sunday, paving the way for a final agreement and the implementation of the project on the ground.
The project will be located in southwest Baghdad, the project spans an area of approximately 14 million square meters and is planned to include approximately 46,000 residential, commercial, educational, healthcare, and service units, similar to the communities the group has established in Egypt and Saudi Arabia. The project is based on providing high-quality housing, advanced infrastructure, and smart services, with a focus on environmental sustainability and the green economy.
This move will bring TMG Holding's land portfolio in regional markets to 29 million square meters, spread across Iraq, Saudi Arabia, and Oman. The total portfolio, including existing projects in Egypt, stands at approximately 125.9 million square meters, strengthening the group's position among the top three listed real estate developers in the region.
This agreement comes as part of the group's transformation strategy, which began in 2024, beginning with the launch of the Banan City project in eastern Riyadh. The project covers an area of 10 million square meters and aims to achieve sales of $12 billion. Since its launch until March 2025, it has achieved sales of SAR 6 billion (equivalent to $1.6 billion). In May 2025, TMG expanded into Oman, acquiring 4.9 million square meters of land to develop two integrated projects, with projected sales of $4.7 billion and annual recurring income of $54.8 million.
In Iraq, TMG expects the new project to generate total sales of $17 billion and annual recurring income of up to $1.5 billion upon completion. The Iraqi market was selected after careful consideration of the supply gap in high-quality housing and the promising opportunities resulting from the country's economic recovery, providing a solid foundation for achieving attractive returns on investment.
TMG aplies a self-financing model that has proven successful in its regional projects. Projects are implemented without the need for significant upfront investments, reducing risk and increasing operational efficiency. TMG Saudi serves as the group's regional arm and a springboard for future expansion in the region, relying on efficient management and strategic partnerships such as its partnership with the Saudi Al Muhaidib Group, which owns a 40% stake in the Saudi subsidiary.
TMG is also strengthening its position in the tourism and hospitality sector through its arm, ICON, which achieved revenues of $255 million in 2024, supporting foreign currency cash flows and mitigating the impact of local currency exchange rate fluctuations. Through this regional growth, TMG Holding continues to consolidate its position as a leading developer in the Middle East, committed to providing smart, integrated and sustainable communities, and creating long-term value for its shareholders.