Egypt’s TMG Holding reports record sales of $9.8 billion in 2024, driven by expansions in Saudi Arabia and the North Coast
Talaat Moustafa Group (TMG), Egypt’s biggest real estate company, has set a new record in 2024 with sales of over $9.8 billion (500 billion EGP).
Record Sales
As of December 22, TMG announced that it had achieved its highest annual sales ever for an Egyptian real estate company.
In 2024, the company sold about 28,000 units, compared to 17,000 units in 2023. This represents a 3.5 times increase in sales value, growing from $2.8 billion (EGP 143 billion) last year.
Since 2017, TMG’s sales have grown by an average of 70% per year, showing the success of its expansion strategy.
Regional Expansion
TMG’s entry into Saudi Arabia played a big role in this year’s success. The launch of the Banan project in Riyadh brought in $1.25 billion (EGP 64 billion) in foreign currency sales. This project, which covers 10 million square meters, is part of TMG’s plan to expand further in the Gulf region.
In Egypt, TMG held 50% of the market share among the country’s top 10 real estate developers. Projects like Madinaty, Noor, and Celia in East Cairo performed strongly. Additionally, the launch of SouthMed on Egypt’s North Coast raised the bar for luxury Mediterranean developments.
Launched in July, SouthMed spans 23 million square meters and achieved $5.5 billion (EGP 280 billion) in sales within just a few months, making it one of the most successful real estate projects globally in 2024.
SouthMed’s business model is designed for high profits and steady income, with revenues expected to exceed $2 billion (EGP 100 billion) over its lifecycle.
The project’s appeal reached beyond Egypt, attracting buyers from the Gulf and other international markets through digital sales platforms and offices in Saudi Arabia and the UAE.
Diversifying Income Sources
In 2024, TMG earned $867.6 million (EGP 44.3 billion) from selling to third parties and institutional investors. This was possible thanks to its large land holdings and experience in selling properties before they are built.
The company also mentioned that its remaining land, worth $4.7 billion (EGP 241 billion), is an important asset for future growth.
TMG plans to make its income sources more diverse. The goal is to generate 60% of its revenue in foreign currency over the next few years. The company’s strategy is to use its strong brand to protect itself from local currency changes and improve its financial stability.
Published: 24th December 2024
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