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Daily News Egypt
24-06-2025
- Business
- Daily News Egypt
TMG named top Developer at Egypt's Top 100 List
Talaat Moustafa Group (TMG) Holding was named Egypt's top real estate developer for 2025 and topped a list of the country's 100 strongest companies at the Egypt toward the Best Summit held on Monday under the patronage of Prime Minister Mostafa Madbouly. The summit, organised to honour influential companies and figures in the Egyptian economy, awarded TMG Holding, led by CEO Hisham Talaat Moustafa, its most prominent prize by placing it first on the 'Top 100' list. According to the organisers, the list is compiled by Amwal Al Ghad magazine and investment banks, based on a study of companies listed on the Egyptian Exchange, using criteria including revenues, net profits, market value, and assets. TMG also won the award for the Number One Real Estate Developer in Egypt. Organisers attributed this to the company securing the largest share of the Egyptian market in 2024, accounting for 43% of total sales estimated at EGP 1.17 trillion. TMG achieved contractual sales of EGP 504 billion last year, representing 253% growth. The summit's organisers classified TMG as the largest real estate developer in Egypt, with a land portfolio of 125.9 million square metres across Egypt, Saudi Arabia, Oman, and Iraq. The company's sales nearly tripled in 2024, driven by the launch of its Banan project in Saudi Arabia and the South Med project in Egypt, which has generated EGP 352 billion in sales since its launch in July 2024. The company's projects include the integrated cities of Al-Rehab and Madinaty in New Cairo, the Celia project in the New Administrative Capital, and the Noor smart city in Capital Gardens. Omar Abdel Rahman, TMG's Deputy CEO for Marketing, accepted the awards on behalf of the CEO in the presence of the ministers of local development and labour. The summit, held under the theme 'Makers of Achievement… An Eye on the Future,' was attended by senior officials including Presidential Advisor for Economic Affairs Hala El-Said, Financial Regulatory Authority Chairman Mohamed Farid, Egyptian Exchange Chairman Ahmed El-Sheikh, and the heads of the Egyptian Space Agency and the Grand Egyptian Museum.
Egypt Today
17-06-2025
- Business
- Egypt Today
TMG climbs to 4th in Forbes' Top 50 Public Companies in Egypt' list on surging sales, assets
Talaat Moustafa Group Holding (TMG) has climbed to fourth place on the Forbes Middle East list of 'Top 50 Public Companies in Egypt for 2025', following a substantial increase in sales and assets. The real estate developer was also named the leading company in its sector for the year. The company advanced two places to secure the fourth position. The ranking reflects growth that saw the company's sales rise to $837m from $593m, while net profits increased to $284m from $70m. Total assets grew to $7bn from $4.2bn. TMG's performance was supported by its operations as Egypt's largest real estate developer, with a land portfolio of 125.9 million square metres across Egypt, Saudi Arabia, Iraq, and Oman. In 2024, the group's sales tripled to $10bn, driven by the launch of the 'Banan' project in Saudi Arabia and the 'SouthMed' project in Egypt. The 'SouthMed' project has generated $7bn in sales since its launch in July 2024. In 2025, TMG continued its regional expansion with projects in Iraq and Oman, increasing its international land portfolio to 29 million square metres. The company said it anticipates generating approximately $33bn in sales from its projects across the three regional markets. The performance of Egyptian companies listed in the 'Top 50' showed broad growth over the past year. According to the report, the total assets of these companies grew by 33% to $118.8bn by the end of December 2024, a figure equivalent to over 34% of Egypt's GDP. Combined sales for the 50 firms increased by 34.5% to $35.6bn, and net profits rose by 45% to $6.5bn. Their collective market capitalisation reached $35.1bn as of market close on 25 April 2025, a 19.6% increase from the previous year's $29.4bn. The banking and financial services sector had the largest representation on the list with 17 companies, which together accounted for $13.5 billion in sales and $78.4bn in total assets. The industrial, real estate, and construction sectors followed, each with seven companies on the list. According to the publication, its research team gathered financial data from the Egyptian Exchange to compile the ranking. Companies were classified using four equally weighted metrics: sales, total assets, and net profits for the 2024 fiscal year, along with market capitalisation based on market close on 25 April 2025. Companies with equal scores received the same rank. Firms that had not disclosed their audited 2024 financial statements by 25 April 2025 were excluded from the list. The report used foreign currency exchange rates from 25 April 2025.
Daily News Egypt
17-06-2025
- Business
- Daily News Egypt
TMG climbs to 4th in Forbes' Top 50 Public Companies in Egypt' list on surging sales, assets
Talaat Moustafa Group Holding (TMG) has climbed to fourth place on the Forbes Middle East list of 'Top 50 Public Companies in Egypt for 2025', following a substantial increase in sales and assets. The real estate developer was also named the leading company in its sector for the year. The company advanced two places to secure the fourth position. The ranking reflects growth that saw the company's sales rise to $837m from $593m, while net profits increased to $284m from $70m. Total assets grew to $7bn from $4.2bn. TMG's performance was supported by its operations as Egypt's largest real estate developer, with a land portfolio of 125.9 million square metres across Egypt, Saudi Arabia, Iraq, and Oman. In 2024, the group's sales tripled to $10bn, driven by the launch of the 'Banan' project in Saudi Arabia and the 'SouthMed' project in Egypt. The 'SouthMed' project has generated $7bn in sales since its launch in July 2024. In 2025, TMG continued its regional expansion with projects in Iraq and Oman, increasing its international land portfolio to 29 million square metres. The company said it anticipates generating approximately $33bn in sales from its projects across the three regional markets. The performance of Egyptian companies listed in the 'Top 50' showed broad growth over the past year. According to the report, the total assets of these companies grew by 33% to $118.8bn by the end of December 2024, a figure equivalent to over 34% of Egypt's GDP. Combined sales for the 50 firms increased by 34.5% to $35.6bn, and net profits rose by 45% to $6.5bn. Their collective market capitalisation reached $35.1bn as of market close on 25 April 2025, a 19.6% increase from the previous year's $29.4bn. The banking and financial services sector had the largest representation on the list with 17 companies, which together accounted for $13.5 billion in sales and $78.4bn in total assets. The industrial, real estate, and construction sectors followed, each with seven companies on the list. According to the publication, its research team gathered financial data from the Egyptian Exchange to compile the ranking. Companies were classified using four equally weighted metrics: sales, total assets, and net profits for the 2024 fiscal year, along with market capitalisation based on market close on 25 April 2025. Companies with equal scores received the same rank. Firms that had not disclosed their audited 2024 financial statements by 25 April 2025 were excluded from the list. The report used foreign currency exchange rates from 25 April 2025.
Daily News Egypt
18-05-2025
- Business
- Daily News Egypt
Egypt's Talaat Moustafa Group eyes expansion in North Coast, Gulf, North Africa
Talaat Moustafa Group (TMG) is exploring new expansion opportunities on Egypt's North Coast, in the Gulf region, and across North Africa, the company has indicated, following a period of strong sales growth. The Egyptian property developer reported record sales exceeding EGP 504bn (approximately $10bn) in 2024, building on a compound annual growth rate (CAGR) of 70% in value since 2017. In the first quarter of 2025, TMG announced a 25% year-on-year sales increase to EGP 77bn, up from EGP 62bn in the same period of 2024. This growth was achieved despite no new real estate projects being launched during the first quarter of the current year. TMG Holding aims to sustain total sales for the 2025 fiscal year at levels similar to its 2024 performance. This target is expected to be supported by new project launches anticipated by year-end, including the mixed-use Sharm El Sheikh Bay development in the city of Sharm El Sheikh. Earlier, at the beginning of May 2025, the group launched the second phase of its South Med project. The initial launch in 2024 saw over EGP 70bn in reservations secured on the first business day. Consequently, TMG's total sales year-to-date have surpassed EGP 160bn, representing a growth rate of 125%. Talaat Moustafa Group said its acquisition of seven prominent historic hotels in Egypt, which added over 2,500 rooms to its hotel portfolio, has fortified a stable and predictable revenue stream in foreign currencies. TMG reported continued growth in revenues from recurring income activities during the first quarter of 2025, with total hotel revenues increasing by 50% to reach EGP 3.5bn in this period. Income from hotel operations and other recurring activities totalled EGP 5.6bn in the quarter, a 70% growth rate, and these revenues constituted approximately 60% of the group's total consolidated revenues during this period. In terms of land bank expansion, Talaat Moustafa Group stated it is in advanced negotiations for a large-scale, mixed-use project in Iraq, covering approximately 14 million square metres. This follows land bank and project expansions undertaken in 2024, which included the group's entry into the Saudi Arabian market through an agreement for the Banan project (10 million square metres), in addition to the South Med project on Egypt's North Coast (23 million square metres). Furthermore, the company is actively exploring expansion opportunities in Gulf Cooperation Council (GCC) countries and the broader Middle East and North Africa (MENA) region, with initiatives aimed at enhancing TMG's profitability and generating cash flows in hard currencies. Talaat Moustafa Group is also preparing for new growth opportunities on Egypt's North Coast. This strategy builds on the performance of its 'South Med' project and is supported by the opening of new destinations in the area, such as the recently inaugurated Ras El Hekma project.
Leaders
24-04-2025
- Entertainment
- Leaders
Saudi, Greek Culture Ministers Co-chair Strategic Partnership Council Meeting
The Saudi Minister of Culture, Prince Badr bin Abdullah bin Farhan, and his Greek counterpart, Lina Mendoni, co-chaired the inaugural meeting of the Culture Committee of the Saudi-Greek Strategic Partnership Council, reported the Saudi Press Agency (SPA). During the meeting, which took place in Jeddah, the Saudi Culture Minister welcomed his Greek counterpart and her accompanying delegation to Saudi Arabia, hoping that their visit will offer the opportunity to discover the Kingdom's rich cultural heritage and deep-rooted history. Furthermore, Prince Badr stressed that the meeting aims to bolster international cultural exchange between Saudi Arabia and Greece for the benefit of their peoples. Both ministers underscored the importance of fostering bilateral cultural exchange and activating the July 2022 memorandum of understanding (MoU) on cultural cooperation. The Saudi and Greek Culture Ministers praised cooperation between both countries, demonstrated by Greece's participation in the second edition of Saudi International Handicrafts Week (Banan) in Riyadh in November 2024. It was also evident in the Benaki Museum in Athens participation in the Islamic Arts Biennale 2025, running from January to May in Jeddah. Moreover, the Ministers hailed the Saudi Cultural Week, held in Athens in 2024, which featured a dedicated pavilion for the 'Year of the Camel 2024' initiative. It also included music and theatrical performances, traditional crafts' workshops, culinary arts shows, Arabic calligraphy exhibition, a fashion show, Saudi films, and other cultural displays. Short link : Post Views: 10
