Talaat Moustafa Group Holding (TMG Holding) has signed a Memorandum of Understanding (MoU) to develop a large-scale mixed-use project in Iraq, marking a major step in its regional expansion strategy, Invest-Gate reports.

The MoU was signed on May 25, 2025, in Baghdad, under the patronage of Iraqi Prime Minister Mohammed Shia’ Al Sudani and in the presence of TMG CEO and Managing Director Hisham Talaat Moustafa.

The 14 mn sqm development will be located southwest of Baghdad and will include approximately 46,000 units. It will replicate TMG’s successful integrated city model, focusing on quality housing, smart infrastructure, and sustainability. The project is expected to generate USD 17 bn in sales and USD 1.5 bn in annual recurring income.

With this move, TMG’s regional landbank reaches 29 mn sqm across Iraq, Saudi Arabia, and Oman. Including its Egypt projects, the Group’s total land portfolio now stands at 125.9 mn sqm, positioning it among the top three listed real estate developers in the region.

This milestone follows TMG’s recent entry into Oman, where it secured 4.9 mn sqm for two projects expected to generate USD 4.7 bn in sales. Earlier, it launched Banan City in Saudi Arabia, a 10 mn sqm project with projected sales of USD 12 bn.

TMG’s off-plan sales model allows for capital-efficient expansion. The Group leverages its Saudi-based subsidiary, TMG Saudi Arabia, as the launchpad for regional growth, while ICON, its hospitality arm, reported USD 255 mn in revenues in 2024.