Egypt’s Talaat Moustafa announces first Iraqi project

Talaat Moustafa Group (TMG), a leading Egyptian real estate developer, will develop a mixed-use project in Iraq as part of its regional expansion plan.

Last week the developer announced plans to invest OR1.5 billion ($3.9 billion) in Oman to develop two projects in west Muscat, offering 13,000 residential and hotel units.

The Iraq development, proposed on a 14 million sq m site in the southwest of Baghdad, will house 46,000 mixed-use units, Egypt Today newspaper reported.

The project, which will replicate a mixed-use model used in Egypt and Saudi Arabia, is expected to generate total sales of $17 billion and a recurring income of $1.5 billion per annum upon completion.

No financial or construction details were disclosed.

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The agreement signed on Sunday with the Iraqi government brings TMG’s total land bank across Saudi Arabia, Oman and Iraq to 29 million sq m.

Its total land bank increases to 126 million sq m after including projects under development in Egypt, the report said.

The expected sales from these projects are forecast to hit $33 billion over the lifespan of the developments, with an expected sales profit margin ranging from 12 to 17 percent post-tax.