TMG invests USD 788 million in Grand Egyptian Museum hotel project

Businessmen Team news 03 November 2025 01:48 PM

Talaat Moustafa Group Holding (TMG) revealed that its subsidiary Arab Company for Hotel and Tourism Investments ICON has commenced implementation of its integrated tourism project located behind the Grand Egyptian Museum in partnership with the Urban Communities Authority. The project represents a total investment of USD 788 million. The project is expected to deliver more than USD 82 million in recurring operating net revenues annually. The project is also expected to deliver approximately USD 233 million in net real estate sales throughout the implementation period.

TMG stated in a disclosure to the Egyptian Exchange that the project spans 42.4 acres. The project includes a luxury five star hotel with 495 rooms under international management. The project also includes a wide range of restaurants retail units hotel residential apartments administrative units and a comprehensive entertainment district.

The Group confirmed that it is simultaneously working on restoring the historic Mena House Hotel to its original state. The group is also renovating its other historic hotels including the Marriott Zamalek and the Winter Palace Luxor. The group stated that this aligns with the Egyptian state objective of strengthening the tourism sector and attracting foreign investment.

TMG explained that this project is part of its strategy to diversify recurring revenue streams. The strategy aims to increase foreign currency income and support the growth of luxury tourism in Egypt. The strategy continues the group pioneering legacy in developing and managing major tourism projects.

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