Egypt’s TMG will build a green city with homes, shops, and offices in Iraq’s Al-Rufail Economic Zone
Talaat Moustafa Group Holding (TMG), a company based in Egypt, will build a new city with homes, businesses, and green spaces in Al-Rufail Economic City, west of Baghdad in Iraq. This was announced on Sunday.
New Project
A new project is being planned with Iraq’s National Investment Commission. It will cover about 14 million square meters and include around 46,000 homes and mixed-use buildings. This project follows an earlier investment deal between Iraq, Egypt, and Saudi Arabia to develop part of the Al-Rufail Economic Zone.
The signing event was attended by important people like Iraqi Prime Minister Mohammed Shia’ Al Sudani, Haider Makiya (head of Iraq’s National Investment Commission), Hisham Talaat Moustafa (CEO of TMG), and Suleiman bin Abdul Qader (head of Saudi Arabia’s Al-Muhaidib Group).
Iraq’s state news agency said that at the event, TMG showed their city plans, including details about the layout, services, schools, hotels, and other facilities for the new city.
With this deal, TMG now owns 29 million square meters of land in Saudi Arabia, Oman, and Iraq. In total, they have 125.9 million square meters of land, including projects in Egypt.
TMG’s Investments in Iraq
In April, TMG said they were talking with Iraq’s National Investment Commission about a big, mixed-use project. They expect this project to bring in about $17 billion in sales and more than $1.5 billion in yearly income when finished. The project will be led by TMG’s Saudi branch, using their experience from Riyadh.
In August 2024, TMG said they started the legal and technical work to begin their projects in Iraq.
In July 2024, Iraqi Prime Minister Mohammed Shia’ Al-Sudani met with Egyptian and Saudi business leaders. He encouraged these companies, known for building smart cities and real estate, to invest in tourist resorts, hotels, and entertainment places in Iraq.
Projects in Oman
In May, Oman’s Ministry of Housing signed a deal with TMG to build two projects near Muscat, worth $3.9 billion. One project is for real estate and the other is for tourism.
Moustafa said the two projects will have about 13,000 homes and hotel rooms on land covering over 4.9 million square meters. The projects will be next to each other and connected by an electric train.
Published: 26th May 2025
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