Table of Contents
Key Points
- Hisham Talaat Moustafa proposes a $27 billion reconstruction effort for Gaza, focusing on housing, infrastructure, and international cooperation over three years.
- Moustafa dismisses Trump’s plan to relocate Palestinians, emphasizing Egypt’s stance against forced displacement and advocating a UN-backed rebuilding strategy.
- Talaat Moustafa Group reported a 236% profit surge to $180 million in 9M 2024, with $9.4 billion in real estate sales and tourism expansion plans.
Egyptian billionaire Hisham Talaat Moustafa has announced a $27 billion plan to rebuild Gaza within three years, offering a stark alternative to former U.S. President Donald Trump’s controversial idea of transforming the region into a “Middle Eastern Riviera.”
Speaking on MBC Masr’s El Hekaya with Amr Adib, the CEO of Talaat Moustafa Group (TMG) dismissed Trump’s proposal to relocate Palestinians and instead outlined a reconstruction strategy based on UN estimates. His plan focuses on housing, infrastructure, and international cooperation to address the crisis.
A $27-billion rebuilding plan
Moustafa’s proposal is built on UN figures showing that 1.2 to 1.3 million people in Gaza are currently displaced. To provide housing, he envisions 200,000 new residential units, each covering 100 square meters, adding up to 20 million square meters of development. With construction costs estimated at $1,000 per square meter, the housing portion alone would require $20 billion.
Beyond housing, an additional $7 billion would go toward rebuilding roads, healthcare, and education infrastructure, bringing the total investment to $27 billion. The project would roll out in phases over three years, employing 40 to 50 contracting firms.
While Egypt has the expertise to lead the reconstruction, Moustafa ruled out direct involvement from Egyptian real estate and construction firms due to high domestic demand. Instead, he pointed to international contractors, particularly from Turkey, as potential partners.
“There is a global responsibility to support Gaza’s people. If the U.S. can allocate $2 trillion for rebuilding efforts elsewhere, dedicating $27 billion to Gaza should be feasible,” Moustafa said.
Rejecting Trump’s relocation plan
Moustafa’s plan contrasts sharply with Trump’s proposal, which suggests relocating two million Palestinians globally and placing Gaza under U.S. control. Trump had previously stated that American forces would oversee Gaza’s redevelopment, envisioning it as a future luxury destination.
“The U.S. will take over the Gaza Strip, and we will do a job with it, too,” Trump said, drawing backlash from Arab and international leaders.
Egypt has firmly rejected any forced displacement of Palestinians. Moustafa emphasized Cairo’s unwavering stance, noting that the Egyptian leadership has resisted mounting international pressure to shift its position.
TMG’s growth and broader vision
Founded in 1974, TMG Holding has cemented its position as a leading force in Egypt’s real estate industry. Under the leadership of Hisham Talaat Moustafa, who holds a 43.16-percent stake in the company, the conglomerate has witnessed exponential growth.
For the nine months ending Sept. 30, 2024, TMG reported a 236.45 percent surge in net profit, reaching EGP9.06 billion ($180.04 million), up from EGP2.7 billion ($53.5 million) in 2023.
The group has generated EGP470 billion ($9.4 billion) in real estate sales and is actively pushing for tourism reforms, aiming to attract 30 million visitors annually to Egypt.
Moustafa’s latest initiative underscores his broader vision—one that extends beyond Egypt’s borders, advocating for practical solutions in Gaza while rejecting controversial alternatives.
