Egyptian billionaire Hisham Talaat Moustafa's TMG signs $202 billion government deal

Egyptian property tycoon Hisham Talaat Moustafa's Talaat Moustafa Group Holding has agreed with the Egyptian state to develop, build and operate four mixed-use projects with targeted investments of about EGP 11 trillion ($202 billion), the largest set of deals in the developer's history.

President Abdel Fattah El-Sisi witnessed the announcement on Tuesday on the second day of the Egypt Forum 2026 in the New Administrative Capital, east of Cairo, with Prime Minister Mostafa Madbouly in attendance. TMG, as the group is known, confirmed the agreements in a disclosure to the Egyptian Exchange, saying they fall under its partnership with the state and are meant to widen its land bank, diversify its products and lift sales.

The four sites cover more than 37 million square meters across east Cairo, Alexandria and the Mediterranean coast. Talaat Moustafa, the group's chief executive and managing director, said the projects would generate about EGP 2.4 trillion ($44.1 billion) in direct and indirect taxes and create about 6 million direct and indirect jobs.

Four projects from Cairo to the coast

The biggest by investment is a 10 million-square-meter industrial, logistics, real estate and tourism project beside the new Abu Qir port near Alexandria. The site will link the port, a free zone, industrial complexes and commercial and residential districts, with targeted investments of up to EGP 5 trillion ($91.9 billion). Talaat Moustafa said it is designed to attract foreign investment and raise Egypt's export capacity.

North Madinaty, an extension of the group's Madinaty city in east Cairo, will sit on about 5 million square meters on the strip between Madinaty and the Cairo-Suez road. It will have residential, commercial, administrative and leisure space, with investments of about EGP 3.2 trillion ($58.8 billion).

In Alexandria, Egypt's second-largest city, TMG will build an integrated community on about 11.3 million square meters in the heart of the city, modeled on its Al Rehab, Madinaty and Noor City developments in greater Cairo. The project carries targeted investments of about EGP 1.7 trillion ($31.3 billion).

The fourth project is a 10.4 million-square-meter resort town between kilometers 147 and 151 of the North Coast, west of Alexandria, with homes, chalets, villas, hotels and shops. It will cost about EGP 970 billion ($17.8 billion) and follows the model of SouthMED, the group's coastal resort launched in 2024. Talaat Moustafa said SouthMED has recorded EGP 530 billion ($9.7 billion) in sales in about two years.

TMG did not disclose the state's share of the projects, how land will be allocated or paid for, or a construction schedule.

At the same session, El-Sisi asked the government to work with TMG on developing 200,000 rental housing units, the presidency said.

Shares jump on the deal

TMG shares rose as much as 7.5% to EGP 91 in early trading in Cairo on Wednesday, after closing at EGP 84.79 on Tuesday. At that price the company, which has about 2.06 billion shares in issue, is worth about EGP 187.5 billion ($3.4 billion).

The agreements are the latest in a run of large projects for the group. In April, TMG and the state-owned National Bank of Egypt launched The Spine, a mixed-use development in New Cairo with total investments of more than EGP 1.4 trillion ($25.7 billion). In May, the company received an investment license in Iraq for a 12.8 million-square-meter city in southwest Baghdad.

TMG reported sales of EGP 219.1 billion ($4 billion) in the first half of 2026, up from EGP 211 billion a year earlier. Sales in the second quarter alone reached a record EGP 170 billion, driven by SouthMED, which brought in about EGP 87 billion in the three months. The group also sells homes in Saudi Arabia and Oman.

Talaat Moustafa's father, Talaat Moustafa, founded the business in the early 1970s. The holding company was formed and listed on the Egyptian Exchange in 2007, and Hisham Talaat Moustafa, 66, became its chief executive in 2017. The family controls the group through a set of holding companies, and its land bank in Egypt and abroad exceeds 128 million square meters.