Egypt-listed TMG in talks to build 45,000 houses in Iraq

Egyptian billionaire eyes $17 billion from mixed-use development in Iraq

Key PointsTMG is in advanced talks with Iraq’s investment authority for a 14-million-sqm project expected to deliver 45,000 mixed-use units and $1.5 billion in annual income.The Iraq push will be executed through TMG Saudi, following its Riyadh smart city success that drew strong demand and reinforced the group’s regional expansion drive.The deal supports TMG’s strategy to earn foreign currency, hedge against currency risks, and export its integ…

Egypt-listed TMG in talks to build 45,000 houses in Iraq

Sales will generate $17bln

Talaat Moustafa Group Holding, the largest real estate development company listed on the Egyptian Stock Exchange, has entered advanced negotiations to establish a new urban community in Iraq with expected sales of $17 billion, according to a company statement to the stock exchange. The company's announcement comes after Salar Amin, deputy chairman of the National Investment Commission in Iraq, told "Economy East with Bloomberg" on Monday that th…