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Egypt's military establishment is pushing for a share of the roughly $200 billion in development projects that Egyptian billionaire Hisham Talaat Moustafa's Talaat Moustafa Group Holding Co. agreed with the government in October, Africa Intelligence reported on Nov. 12. How the proceeds will be divided has yet to be settled.
The four projects carry total planned investment of about 11 trillion Egyptian pounds ($199 billion). They were announced on Oct. 20 at the Egypt Forum 2026 in the New Administrative Capital, with President Abdel Fattah El-Sisi in attendance, and TMG confirmed the agreements in a filing to the Egyptian Exchange.
The largest is a 5 trillion-pound ($90.4 billion) industrial, logistics, real estate and tourism hub next to the new Abu Qir port near Alexandria. TMG also plans a 3.2 trillion-pound ($57.8 billion) extension to the north and west of Madinaty, its flagship city east of Cairo, a 1.7 trillion-pound ($30.7 billion) community covering about 11.3 million square meters in central Alexandria, and a 970 billion-pound ($17.5 billion) resort town on the Mediterranean coast between kilometers 147 and 151, modeled on its SouthMED project.
TMG puts the combined land at more than 37 million square meters. Government figures presented at the forum projected about 2.4 trillion pounds ($43.4 billion) in taxes and about 6 million direct and indirect jobs. El-Sisi also asked the government to work with the developer on 200,000 rental housing units.
Terms still open
Neither TMG nor the government has disclosed the state's share of revenue, the terms on which land is allocated or a construction timetable. In earlier coastal megadeals, the state agreed to take 35% of revenue from Ras El Hekma once the project is operating, under the $35 billion deal with Abu Dhabi's ADQ, and 15% of revenue from Alam El Roum after costs are recovered, under the $29.7 billion agreement with Qatari Diar.
The armed forces have long held a large place in Egypt's economy, with interests that reach into construction and state land. A claim on proceeds from the TMG projects would add a third party to talks that so far have involved the developer and the government.
Investors cheered the October announcement. TMG shares rose as much as 7.5% to 91 pounds on Oct. 21, after closing at 84.79 pounds the day before.
The family behind TMG
Talaat Moustafa, 66, runs the group his father, Talaat Moustafa, founded in the 1970s. The company listed on the Egyptian Exchange in 2007, and the family controls it through holding companies.
TMG built Madinaty, Al Rehab and Noor City on the edges of Cairo, and its SouthMED resort on the North Coast has become one of its biggest sellers. The group says it holds a land bank of more than 128 million square meters in Egypt and abroad. It reported sales of 219.1 billion pounds ($3.96 billion) in the first half of 2026, up from 211 billion pounds a year earlier.
Figures were converted at EGP55.34 to the dollar.
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