Talaat Moustafa Group aims, through its new project in Iraq, to bolster its capabilities in generating foreign currency and recovering its income portfolio, stabilize investor returns against local currency fluctuations, and strengthen its regional standing in real estate and tourism.
Construction plans include approximately 45,000 multi-use
units, emphasizing high-quality housing, infrastructure, and services with a
focus on sustainability and smart technologies. This project intends to
replicate the successful community model the Group has established in Egypt and
Saudi Arabia. This expansion into Iraq and other regional markets aligns with
the Group's vision towards expanding its regional presence.
TMG expects to secure the land by the end of the year once negotiations are complete, and will execute the project through its Saudi Arabian arm, Talaat Moustafa for Real Estate Development Saudi Arabia. This leverages its success with a 10 million square meter smart city in Riyadh which attracted unprecedented interest from Saudi clients.