Cairo – Mubasher: Talaat Moustafa Group Holding Company (TMG Holding) unveiled plans with the National Investment Commission (NIC) of Iraq to establish a new sustainable mixed-use project, according to a bourse disclosure.
The project, which will span 14 million square meters in South-West of Baghdad, is expected to generate total sales of $17 billion and annual recurring income exceeding $1.50 billion annually upon its completion.
It offers quality housing, superior infrastructure, and services, along with smart technologies.
TMG Holding highlighted that the development scheme will host nearly 45,000 mixed-use units, reflecting its successful community model in Egypt and Saudi Arabia.
This aligns with the group’s expansion plans to boost its foreign exchange generation capabilities and recurring income portfolio. This is in addition to hedging investor returns against local currency fluctuations.
Last month, TMG Holding and Alameda Group joined forces to develop a hospital in Madinaty at a value of EGP 5 billion.
