Cairo - Mubasher: Arab Company for Hotel and Tourist Investments (ACHTI), a subsidiary of Talaat Moustafa Group Holding Company (TMG Holding) known as ICON, has partnered with the New Urban Communities Authority (NUCA) to develop a luxury tourism project behind the Grand Egyptian Museum (GEM) in Giza.
Spanning 42.40 feddans, the development has a total investment cost of $788 million, according to a bourse disclosure.
The project is expected to yield over $82 million in recurring annual net income and $233 million in net real estate sales revenue.
Moreover, the tourism facility includes a five-star hotel with 495 rooms, restaurants, a commercial area, hotel apartments, administrative units, and a world-class entertainment zone.
Renovation of Mena House Hotel
TMG Holding is also restoring the historic Mena House Hotel to its original state and renovating landmark properties like the Marriott Zamalek and Luxor’s Winter Palace.
These renovation initiatives are in line with Egypt’s efforts to modernize and elevate its tourism standards.
They also support TMG Holding's plan to diversify income, attract foreign currency, and boost Egypt’s tourism sector.
It is worth noting that in the first half (H1) of 2025, TMG Holding achieved consolidated net profits of EGP 8.11 billion, reflecting a 69% leap from EGP 4.80 billion in H1-24.
Meanwhile, on a technical level, TMG Holding stock could pave the way for a new 2025 price level between EGP 61.70 and EGP 63.50 in case the stock breaks through the current resistance at EGP 59.00 with a clear daily close.
