• TMG is investing USD 3.89B  in two massive real estate projects west of Muscat, Oman.
• Projects will span residential units, hotels, and tourism infrastructure, including a beachfront and electric train.
• This marks TMG’s second venture abroad after launching the 10M sqm Banan City in Saudi Arabia.

TMG

What is happening? Egypt’s Talaat Moustafa Group (TMG) is heading back to the Gulf, this time to Oman. The developer just inked a deal with the country’s Ministry of Housing and Urban Planning. This is to develop two adjacent mega-projects west of Muscat, with a total investment of USD 3.89 billion (OMR 1.5B).

The two projects are textbook TMG: One will be a residential development in Sultan Haitham City, built over 2.7 million sqm mirroring Madinaty playbook. Think villas, apartments, a 190k sqm sports and social club, and 140k sqm of commercial space.

The second project is a 2.2 million sqm tourism site along Al-Shakhakhit coast with 1.76 km of coastline. Plans include a yacht marina, tourist hotel, sea-view villas, artificial lakes, lakeside cabins, and residential apartments for long- and short-term stays.

The two sites will be linked by an electric train to improve connectivity across the residential and tourism developments.

Going Regional

This is another of Talaat Mostafa’s moves outside Egypt, after the Banan City project in Saudi’s Riyadh province. With Egypt’s property market tightening and FX risk looming, the group’s Gulf pivot is all about diversifying revenue streams and locking in hard currency inflows.

In Saudi, TMG’s “Banan” project spans 10 million sqm and just racked up over SAR 6.2 billion in pre-booked sales.

Next stop?  TMG is aiming to go regional, with expansion plans targeting Iraq, the Gulf, and North Africa to diversify revenue and reduce currency risk. As MENA’s mega-project momentum builds, the group is positioning itself squarely in the middle of it.