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Key Points
- TMG Holding, led by Hisham Talaat Moustafa, posted record contract sales of $10 billion in 2024, fueled by expansion into Egypt and Saudi Arabia.
- TMG’s 23-million-square-meter SouthMed project on Egypt’s North Coast generated $5.6 billion in sales within months of its July launch.
- With a 70% CAGR since 2017, TMG commands 50% market share among Egypt’s top developers and ranks among the Middle East’s largest real estate firms.
Cairo-based real estate giant, TMG Holding, under Egyptian billionaire Hisham Talaat Moustafa, has reinforced its position as Egypt’s top developer with a record-breaking sales performance in 2024. Contract sales for the year soared to $10 billion, driven by strong property demand and the company’s expansion into new markets.
TMG’s sales surge 252% to $10 billion, a historic milestone
In its latest update, TMG led by Moustafa reported EGP504 billion ($10 billion) in new contract sales at the close of its 2024 fiscal year—the highest ever recorded by an Egyptian real estate company. This marks a 252.94 percent surge from the EGP142.8 billion ($2.82 billion) reported in 2023. This was fueled by the company's strategic expansion into Saudi Arabia and Egypt.
TMG’s Banan project in Riyadh alone contributed EGP 64 billion ($1.2 billion) in FX-denominated sales, a move aligned with the group’s strategy to diversify revenue streams and mitigate currency risks.
Meanwhile, its massive SouthMed project on Egypt’s North Coast, spanning 23 million square meters, generated EGP 280 billion ($5.6 billion) in sales within months of its July launch. Designed under an asset-light, low-risk model, SouthMed is expected to deliver EGP 100 billion in additional sales over its lifetime.
Sales volume also surged to 28,000 units, up from 17,000 the previous year, reinforcing TMG’s leadership in the market. With an expanding international presence and strong demand for its projects, the company is on course for another stellar year in 2025.
TMG Holding thrives under Moustafa’s leadership
Founded in 1974, TMG Holding has grown into Egypt’s largest real estate developer. Under the leadership of Hisham Talaat Moustafa, who holds a 43.16 percent stake, the company has expanded aggressively while maintaining financial strength. In a further sign of confidence, Moustafa increased his stake by acquiring an additional 500,000 shares in recent trading.
TMG’s record-setting sales in 2024 underscore its ability to capitalize on market opportunities and sustain strong financial growth. Its growing sales pipeline, combined with the strategic expansion of its Legacy Hospitality division, reinforces its long-term market leadership.
With a 70 percent compound annual growth rate (CAGR) in sales since 2017, TMG commands 50 percent of the market share among Egypt’s top ten developers. It also ranks among the region’s biggest real estate players, leading in sales volume and holding the second-highest sales value among publicly listed developers in the Middle East.
