Talaat Moustafa Group (TMG), the Egyptian real estate giant, has announced record sales figures, reaching an impressive EGP 470 billion (approximately $9.4 billion) as of early November. This remarkable leap is more than four times the EGP 108 billion recorded during the same period last year, underscoring the company’s strategic growth and robust market presence.
A significant driver of this success is TMG’s ambitious “SouthMed” project along Egypt’s North Coast. Nestled between kilometers 165 and 170 west of Alexandria, this development alone has generated EGP 280 billion (around $5.6 billion) in sales. With its prime location just a short drive from Alamein Airport, “SouthMed” is designed to attract global investors and vacationers alike, incorporating international hotel management companies within its “Rental Programs” to maintain high occupancy year-round.
Meanwhile, TMG’s foray into the Saudi Arabian market with the “Benan” project is also paying dividends. Launched in Riyadh last May, the smart residential city has surpassed expectations, achieving sales of approximately EGP 53 billion. This project represents one of the largest residential undertakings in the region, with a development cost of SAR 40 billion and spanning 10 million square meters.
2024 has been described by TMG as an exceptional year, marking its resurgence as a formidable regional player. The group’s strategic ventures have not only diversified its portfolio but also significantly boosted its real estate exports and foreign currency earnings, affirming its longstanding reputation built over 50 years.
Beyond real estate, TMG is capitalizing on its extensive hotel operations in Egypt, expecting to generate over $300 million in consolidated revenue. The group currently operates 3,500 hotel rooms nationwide, with plans to expand to 5,000, tapping into Egypt’s lucrative tourism sector.
TMG’s management attributes its soaring success to a forward-thinking business model and robust administrative vision, positioning the company to deliver substantial profits to its shareholders in the near term. This strategy, coupled with a commitment to maintaining market leadership, signals a promising horizon for TMG as it continues to scale new heights in the Middle East’s dynamic real estate landscape.
As TMG continues to break new ground, industry observers are keenly watching its ability to sustain this momentum amid a competitive regional market. With its strategic endeavors across Egypt and Saudi Arabia, TMG is setting the stage for a new era of real estate innovation and prosperity.
