Real estate firm of an African billionaire lands an $18.8 billion deal in the Middle East

The Egyptian real estate company, Talaat Moustafa Group Holding (TMGH), controlled by one of the country’s billionaires, Hisham Talaat Moustafa, has just secured an investment license in Iraq, valued at $18.8 billion.

• Talaat Moustafa Group Holding (TMGH) secured an $18.8 billion investment license for a major real estate project in Baghdad, Iraq.
• The project will span 12.8 million square meters, provide about 43,000 residential units, and house over 250,000 people.
• The development includes extensive non-residential infrastructure and is located near Baghdad International Airport.
• TMGH expects the project to be completed in 16 years with apartment sales finishing in 12 years, and anticipates $108 million in annual recurring revenue from hotel and rental operations.

Reports indicate that the group has secured the investment license numbered 2026/515, issued on May 24, 2026, for an integrated project in Baghdad, Iraq’s capital, with estimated sales of $18.8 billion.

The deal would ensure construction on a land area encompassing 12.8 million square meters and would comprise approximately 43,000 residential units.

Additionally, the project is intended to provide housing for a population exceeding 250,000 individuals.

The scope of the project extends to non-residential infrastructure, including both administrative and commercial assets, as seen on IraqiNews.

The development is strategically situated within the financial and economic district, in proximity to Baghdad International Airport.

The investment license was formally granted by Iraq's National Investment Commission (NIC).

Talaat Moustafa Group (TMG) has identified this initiative as a pivotal milestone in its overarching strategy for regional growth.

Upon its conclusion, the project is anticipated to yield total sales of $18.8 billion, complemented by an estimated $108 million in annual recurring revenue derived from hotel operations and rental properties.

Furthermore, the Egypt-based real estate firm revealed that the project's development phase would take around 16 years, and all apartments will be sold in 12 years.

Last month, the Egyptian CEO in charge of the investment group announced a deal intended to tap into the Middle East’s fast-growing entertainment industry through a partnership with Saudi Arabia’s Sela.

Talaat Moustafa Group Holding’s new entertainment plan

The deal brings together TMGH and one of Saudi Arabia's most influential entertainment firms to create a large-scale live events and entertainment platform in Egypt that will include concerts, festivals, sports events, theater productions, and tourism-driven experiences.

The agreement was launched on May 21 in front of Turki Alalshikh, one of the major players driving Saudi Arabia's ambitious worldwide entertainment growth under Vision 2030.

“Our collaboration with Sela will drive a qualitative shift across entertainment, culture, arts, and sports in Egypt,” Moustafa said.

Per the contract, Sela will oversee the creation and operation of live experiences such as venue management, concerts, festivals, comedy and theatrical shows, sports events, and large-scale public entertainment.

On the flip side, Talaat Moustafa Group (TMG) will supply the infrastructural backbone with its enormous residential complexes, hotels, and tourist assets throughout Egypt.

According to Forbes Middle East, TMG is Egypt's top listed real estate developer for 2026 in terms of market capitalization.

Moustafa presently owns 43.16% of TMG Holding and has an estimated net worth of $1.4 billion.