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Egyptian real estate billionaire Hisham Talaat Moustafa is pushing Talaat Moustafa Group into entertainment. The company he leads as CEO and managing director has formed a strategic consortium with Saudi Arabia's Sela, a Public Investment Fund company, to develop and manage an integrated entertainment ecosystem and live events platform across Egypt.
The agreement was announced May 21 in the presence of Turki bin Abdulmohsen Alalshikh, chairman of Saudi Arabia's General Entertainment Authority.
Under the arrangement, Sela takes the lead on live experiences and events, covering venue operations, festivals, concerts, comedy and theatre shows, sports events, and on-ground execution. TMG brings the land, the communities, and the hospitality infrastructure. The group has spent more than five decades developing some of Egypt's most recognized integrated cities, including Madinaty, Al Rehab, Noor City and the North Coast's SouthMED project. Its hospitality portfolio spans 16 hotels operating under Four Seasons, Kempinski, Marriott and Mandarin Oriental brands, totaling nearly 5,000 rooms and suites and receiving approximately 1.5 million visitors annually.
A flagship element of the consortium is a platform called The Corridor, a cross-border entertainment concept designed to connect Saudi Arabia and Egypt through a curated program of cultural and entertainment events.
Moustafa said the deal supports TMG's vision of building communities that generate recurring revenue and attract entertainment tourism regionally and globally. "Our collaboration with Sela will drive a qualitative shift across entertainment, culture, arts, and sports in Egypt," he said.
Sela managing director Dr. Rakan Alharthy described the Egypt partnership as a natural step in the company's regional expansion. Sela has developed and operated major Saudi entertainment destinations including Boulevard City, Boulevard World, Via Riyadh and the Jeddah Superdome, and has expanded into London and Las Vegas.
TMG has been on a strong run financially. The group recorded contractual sales of $8 billion in 2025, with net profit climbing 43% to $381 million. In the first quarter of 2026, net profit rose a further 24% year on year to EGP 5.5 billion ($110 million), on revenues of EGP 13.1 billion ($262 million). Forbes Middle East ranked TMG as Egypt's top listed real estate developer for 2026, based on market capitalization as of Jan. 31, 2026.
Moustafa holds a 43.16% stake in TMG Holding, making him one of the wealthiest investors on the Egyptian Exchange. His net worth is estimated at $1.4 billion.
His path back to the top of Egyptian business has not been straightforward. He was convicted in 2009 in connection with the murder of Lebanese singer Suzanne Tamim and sentenced to 15 years in prison following a retrial in 2010. He was released in June 2017 after receiving a presidential pardon and returned to the helm of TMG.
Since then, Moustafa has rebuilt TMG's profile aggressively, expanding into Saudi Arabia and Oman while continuing to grow TMG's land bank and sales volumes in Egypt. The Sela deal is the latest move in that expansion, adding live entertainment to a business that has historically been anchored in real estate and hospitality.
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