TMG Holding signs an agreement to develop two projects in Amman with sales of $4.7 billion

TMG Holding proceeds with its aggressive regional expansion and signs landmark agreement to develop two mixed-use sustainable projects in the Sutanate of Oman, with a combined area of some 4.9 million sqm and projected sales value of USD 4.7 billion
Talaat Moustafa Group Holding (“TMG Holding” or “the Group”) is pleased to announce today, through its development arm in the Sultanate of Oman, Talaat Moustafa Group Muscat for Real Estate Development, the signing of an agreement with the Omani Ministry of Housing and Urban Planning for the development of two real estate projects. The agreement was signed by His Excellency Dr. Khalfan Al-Shueili, Minister of Housing and Urban Planning of Oman, and Mr. Hisham Talaat Moustafa, Chairman of the company. This strategic move and the Group’s successful entry into the Sultanate of Oman come as part of its robust regional expansion strategy, which focuses on developing state-of-the-art integrated residential cities. The two projects span 2.7 million sqm and 2.2 million sqm, respectively, within and near the newly established Sultan Haitham City. The first land parcel, covering 2.7 million sqm within Sultan Haitham City west of Muscat, will be developed into a fully integrated smart residential city, modeled after TMG Holding’s iconic projects in Egypt such as Madinaty, Noor, and Al Rehab. The development will include a mix of villas, residential apartments, a social and sports club on 190,000 sqm, and commercial and service areas spanning 140,000 sqm. The site enjoys a strategic location just minutes away from Muscat International Airport. The second land parcel is located in the coastal area of Al-Shakheekhit and will be developed into a world-class residential and tourism destination on the shores of the Gulf of Oman. The project will provide high-end and sustainable living for residents, alongside premium hospitality and recreational offerings. It is situated west of Muscat, directly west of Beit Al Baraka Palace, and covers approximately 2.2 million sqm with a beachfront stretching 1,760 meters. The project will include a yacht marina, a luxury hotel, seafront villas connected to a lagoon, a collection of chalets, and residential buildings. It also enjoys a strategic location about 4 km from Sultan Haitham City and only minutes away from Muscat International Airport. The development will feature Al Naseem Heritage Park, a recreational green space of 215,000 sqm, offering expansive landscapes and exceptional views for all units in the project.
The projects will replicate the Group’s unique, well-tested sustainable community model—already deployed with notable success in Egypt and Saudi Arabia—offering premium housing, superior infrastructure, and integrated services, with a strong emphasis on sustainability and smart technologies. This strategic move further strengthens TMG Holding’s foreign exchange generation capabilities, expands its recurring income base, and provides a natural hedge against local currency fluctuations—reinforcing its stature as Egypt’s leading exporter of real estate and tourism services and a growing regional urban development powerhouse.
The two projects will be developed concurrently and are set to deliver approximately 12.9 thousand residential units, including around 9.2 thousend conventional and serviced apartments. The combined sales value of these units is projected at a substantial OMR 1.8 billion (USD 4.7 billion) over the lifespan of the developments. Upon completion, the projects are expected to contribute an estimated OMR 21 million (USD 54.8 million) annually to the Group’s recurring income streams on a perpetual basis.
Thanks to the Group’s well-established off-plan, self-financing development model generating strong cash flows required to develop the projects, management does not anticipate any significant upfront investment requirements ahead of their sales launch.