Egypt’s Talaat Moustafa Group Confirms New Sharm Bay Project, Aiming for $2.4 Billion in Sales and Boost in Luxury Tourism
Egypt’s Talaat Moustafa Group (TMG) said on Tuesday that it is starting a new project in Sharm El Sheikh. The project is expected to bring in around \$2.42 billion (EGP 120 billion) in total sales. This confirms earlier reports in Egyptian media about the new Sharm Bay development, which will be near the company’s Four Seasons Resort and close to the international airport.
TMG’s Sharm Bay Project
TMG is building a new development in Sharm El Sheikh called Sharm Bay. It will include about 3,000 high-end homes such as villas and boathouses. The company expects to earn strong profits and make about $610 million (EGP30.2 billion) in long-term income from the project.
The resort will have luxury features like a marina, fancy shops, entertainment areas, a wellness center, and sports facilities. These additions aim to make Sharm El Sheikh an even more popular tourist destination.
TMG said it will notify the Egyptian Exchange when sales and construction begin.
Plans for Growth
TMG is also looking to expand in other areas, including Egypt’s North Coast, the Gulf region, and North Africa, due to strong sales growth.
Recently, it launched Phase 2 of its South Med project on the North Coast after a successful 2024 launch. On the first day, reservations crossed $1.41 billion (EGP70 billion). So far this year, sales have gone over $3.23 billion (EGP160 billion), showing 125% growth.
TMG also bought seven historic hotels, adding over 2,500 rooms, which has helped increase income in foreign currencies.
The company is working on getting more land, including talks for a 14 million square-meter mixed-use project in Iraq. This comes after deals in 2024 like the Banan project in Saudi Arabia and South Med.
Financial Update
TMG reported record sales of more than $10.2 billion (EGP504 billion) in 2024. Since 2017, the company has seen a yearly growth rate of 70%.
In the first quarter of this year, sales rose 25% compared to last year, reaching $1.56 billion (EGP77 billion), even without launching any new projects. Hotel revenue also grew by 50%, reaching $70.7 million (EGP3.5 billion).
TMG hopes to match its 2024 sales this year, helped by new projects like Sharm Bay.
Luxury Property Market Growing
Luxury real estate in Egypt is growing quickly. There’s high demand, especially from buyers in the Gulf region (GCC), and property prices are going up. A Knight Frank report says residential homes are leading the growth, and more developers are focusing on branded homes and luxury shopping areas.
Published: 12th June 2025
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