Talaat Moustafa Group (TMG) has signed a USD 3.9 billion (OMR 1.5 billion) real estate and tourism development deal with Oman’s Ministry of Housing and Urban Planning, MEO has confirmed. Spanning more than 4.9 million square meters west of Muscat, the dual-project initiative reflects a new era of cross-border collaboration in smart urbanism, tourism, and economic diversification in the Gulf.
Under the agreement, TMG will develop two adjacent parcels of land, each catering to distinct yet complementary goals:
- Sultan Haitham Smart City Project: The 2.7 million sqm site will feature 13,000 residential units, villas, and apartments. Modeled after the success of Egypt’s Madinaty, the city will include a 190,000 sqm sports and social club, a 140,000 sqm commercial district, and robust civic amenities. Located minutes from Muscat International Airport, it aims to become a hub for affluent urban living and business activity.
- Al-Shakhakhit Coastal Resort: Covering 2.2 million sqm of prime beachfront property, this development promises a vibrant tourism destination. The resort will include hotels, marinas, villas, artificial lakes, and high-end leisure facilities. With its proximity to Beit Al-Baraka Palace and Al Naseem Heritage Park, the resort is expected to attract both Gulf tourists and international travelers.
In a statement to MEO, TMG said the developments will be interlinked by an electric railway and dedicate more than 50% of their footprint to green and open areas, underscoring a focus on sustainability and eco-integrated urban living.
The project feeds directly into Oman Vision 2040, the Sultanate’s long-term development blueprint that emphasizes urban modernization, foreign investment, and tourism diversification.
“Oman is building cities for the future, not just the present,” said Dr. Muna Al Bahri, an urban planning advisor to the Omani government. “The partnership with Egypt’s leading developer allows us to accelerate our progress with proven success models like Madinaty.”
Omani officials are positioning the project as a flagship initiative that showcases the Sultanate’s readiness to co-create with regional leaders, particularly in sectors that demand large-scale execution and urban integration.
For TMG, this is more than a foreign deal—it’s a clear strategic step in its regional expansion plan. This is the company’s second international mega-project, after Banan City in Saudi Arabia.
Hisham Talaat Moustafa, CEO of TMG, emphasized the firm’s regional role: “TMG has long delivered successful communities in Egypt. Now, we’re taking that model to new markets where we can add value and build long-term growth partnerships.”
TMG’s portfolio now includes over 107 million sqm of developed land in Egypt, housing more than 1.5 million residents, and sales surpassing EGP 1 trillion. In hospitality, TMG’s assets include Four Seasons Hotels (Sharm El Sheikh, Cairo, Alexandria), Kempinski Nile Hotel Cairo and Seven historic hotel renovations in Cairo and Alexandria, reflecting the group’s commitment to heritage preservation and tourism revival.
Sources inside the group said that talks are underway for potential expansion into Morocco and Jordan, with emphasis on heritage tourism and high-end residential developments—though no public statements have been made.
Urban development experts say this deal represents a growing regional recognition of Egyptian real estate expertise.
“TMG exporting its development model is akin to Egypt exporting a national soft power tool,” said Eng. Sherif El Hadidi, a real estate consultant at Colliers MENA. “This goes beyond brick and mortar—it’s exporting experience, vision, and trust in a proven system.”
From a geopolitical perspective, the project enhances Egypt’s regional presence through economic diplomacy, especially with GCC nations increasingly pivoting toward non-oil sectors like tourism, real estate, and green urbanism.
Sources close to the Egyptian Ministry of Housing revealed that engineering consultancies, contractors, and smart tech providers from Cairo and Alexandria are being considered for roles in both the smart city and coastal resort phases.
This could open the door for Egyptian SMEs to gain exposure in Gulf markets, creating downstream benefits for job creation and tech transfer.
The TMG-Oman deal sets a new benchmark for cross-border real estate partnerships in the Middle East. With sustainability, tourism, and regional cooperation at its core, the twin projects will likely influence future collaborations between Arab states seeking to diversify their economies and urban identities.
As Egypt’s real estate champions like TMG continue to expand abroad, the country is not just exporting construction—it’s exporting a vision for livable, integrated, and resilient cities.
