Talaat Moustafa Group Holding (TMG) has announced advanced negotiations with Iraq’s National Investment Commission (NIC) for a groundbreaking housing project near Baghdad. This ambitious development, encompassing approximately 14 million square meters, is set to include around 45,000 mixed-use units, with potential total sales projected at $17 billion and an annual income exceeding $1.5 billion upon completion.
TMG’s planned initiative aims to replicate its successful community model, previously implemented in Egypt and Saudi Arabia. This model prioritizes quality housing, robust infrastructure, sustainable practices, and the integration of smart technologies—elements that have characterized TMG’s past projects. The company confirmed these details in a statement released on Egypt’s stock exchange, underscoring its commitment to delivering innovative and sustainable urban environments.
The discussions with Iraq’s NIC follow a series of intensive exploratory meetings and market assessments. TMG anticipates concluding negotiations by year-end, which would facilitate the acquisition of land from Iraqi authorities. This would mark a significant step forward in economic cooperation between the two nations and provide a substantial boost to Iraq’s housing sector.
Experts highlight the potential impact of such a large-scale project on Iraq’s housing market and its economy. Dr. Ahmed El-Rayes, a Middle East economic analyst, noted, “This development could transform Baghdad’s real estate landscape, providing much-needed housing and stimulating local economic activity.”
This announcement comes on the heels of another major Egyptian-led project in Iraq: last year, ORA Developers, another Egyptian firm, secured a contract to develop the ‘Ali Al-Wardi’ mega residential city southeast of Baghdad. Both initiatives signal a growing trend of Egyptian companies playing pivotal roles in Iraq’s urban development efforts.
The proposed project by TMG not only promises significant commercial returns but also strengthens the bilateral relations between Egypt and Iraq. The collaboration underscores a mutual commitment to economic development and regional stability through strategic infrastructure investments.
