Oman Makes $3.9 Billion Deal With Egypt’s TMG To Build Real Estate and Tourism Projects
Oman’s Ministry of Housing and Urban Planning made a deal with the Egypt company Talaat Moustafa Group (TMG). They will work together on two projects near west Muscat. The projects are about building homes and tourism. The total cost is $3.9 billion (OMR 1.5 billion).
$3.9 Billion Projects
Hisham Talaat Moustafa, the chairman of TMG Muscat for Real Estate Development, said they will build two big projects with about 13,000 homes and hotel rooms on more than 4.9 million square meters. These two projects are next to each other, west of Muscat, Oman’s capital, and will be connected by an electric train.
The first project is on 2.7 million square meters in Sultan Haitham City. It will be a smart residential area with many services. TMG said this project shows how well their other projects in Egypt, like Madinaty, are doing.
This housing project will have many types of villas and apartments, a big social and sports club of 190,000 square meters, and 140,000 square meters for shops and services.
It is in a great location, just minutes from Muscat International Airport.
The second project is by the Al-Shakhakhit coast. It covers 2.2 million square meters and has a 1,760-meter beach on the Gulf of Oman. TMG will turn it into a top tourist spot.
This project will have a yacht marina, a tourist hotel, villas with sea views, artificial lakes, cabins, and apartments.
It is about 4 kilometers from Sultan Haitham City and close to Muscat International Airport. It also includes the 215,000 square meter Al Naseem Heritage and Entertainment Park, which has lots of green spaces and nice views.
Lots of Green Spaces
Both projects will offer a good quality of life with many services for people living there. More than half of the area will be green spaces and open areas. The projects will also use smart technology for management.
This is TMG’s second project outside Egypt, after their first ones in Saudi Arabia, including Banan City near Riyadh, which is 10 million square meters.
TMG is one of the biggest real estate and tourism developers in Egypt and the Middle East.
They have sold real estate worth about $20 billion and own the largest land area in Egypt—more than 107 million square meters. Over 1.5 million people live in their projects.
Forbes Rankings
TMG is ranked sixth on Egypt’s Top 50 Listed Companies in 2024. The CEO, Hisham Talaat Moustafa, is ranked fourth among the Most Impactful Real Estate Leaders in 2025 and 33rd among the Top CEOs in 2024.
Published: 21th May 2025
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