– Talaat Moustafa Group (TMG) has initiated legal and technical procedures to establish new projects and investments in Iraq, with further details to be announced as execution begins.

– TMG reported record-breaking financial performance in the first half of 2024, with sales reaching EGP 391 billion ($8.1 billion) and revenues growing by 59% compared to the same period last year.

– Net profit after taxes surged by 308% to EGP 6.36 billion, reflecting TMG’s continued success in both operational and financial growth.

Talaat Moustafa Group (TMG), a key real estate developer Egypt and the Middle East, has announced the commencement of legal and technical procedures to establish new projects and investments in Iraq. The company plans to unveil more details as execution progresses, ensuring full compliance with disclosure and listing regulations, as noted in its statement to the Egyptian Exchange (EGX).

TMG reported outstanding business results for the first half of 2024, achieving record operational and financial milestones. By the end of July, the company’s sales soared to EGP 391 billion (approximately $8.1 billion). Revenues for the first half of 2024 reached EGP 17.02 billion, a significant increase from EGP 10.71 billion in the same period last year, reflecting a robust growth rate of 59%.

Gross consolidated profit nearly doubled to EGP 6.57 billion, up from EGP 3.39 billion, while net profit after taxes surged by an impressive 308%, totaling EGP 6.36 billion.

In July, TMG‘s CEO, Hisham Talaat Moustafa, was part of a delegation of Egyptian and Saudi business leaders who met with Iraqi Prime Minister Mohammed Shia’ Al-Sudani. The Prime Minister invited the companies to leverage their expertise in real estate development, particularly in smart cities and integrated residential projects, to invest in Iraq’s growing tourism and entertainment sectors, which boast a wide range of tourist destinations.

Talaat Moustafa Group generated $119 million in dollar revenues from its hotels in 2023. A document reviewed by Asharq news website reveals that the group is targeting approximately $375 million in dollar revenues this year, with $171 million expected from its owned hotels and around $203 million from the “historic hotels” deal concluded earlier this year.