Latest news with #TalaatMoustafa
Straits Times
2 days ago
- Business
- Straits Times
Egyptian tycoon wins bid to throw out UK lawsuit over singer's murder
LONDON - Egyptian real estate tycoon Hisham Talaat Moustafa on Friday won his bid to throw out a London lawsuit brought against him by a former kickboxing world champion for ordering the murder of a Lebanese pop star in 2008. Talaat Moustafa, CEO of Talaat Moustafa Group, was convicted in Egypt of paying a former police officer to stab Suzanne Tamim, 30, to death at her luxury apartment in Dubai. He was initially sentenced to death in 2009, before his conviction was overturned on appeal. Following two retrials, Talaat Moustafa was convicted again and jailed for 15 years. He was pardoned by Egyptian President Abdel Fattah al-Sisi in 2017. Tamim, who rose to fame after winning a television talent show in the 1990s, had been in a relationship with Iraqi-British kickboxer Riyadh Al-Azzawi before she was killed. Al-Azzawi sued Talaat Moustafa at London's High Court in 2022, seeking damages for the psychological and emotional damage he said he suffered as a result of Tamim's murder. Talaat Moustafa sought to have the case thrown out, arguing Al-Azzawi's lawyers did not provide all relevant evidence when they were given permission to bring the case and that it should be heard in Dubai, rather than London. In a ruling dismissing the case on Friday, Judge Christopher Butcher said Al-Azzawi did not disclose relevant information about whether the lawsuit was brought too late when he sought permission to serve the case on Talaat Moustafa in Egypt. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore NTU upholds zero grade for student who used AI in essay; panel found 14 false citations or data Singapore Former NUH male nurse faces charges after he allegedly molested man at hospital Singapore Character counts as much as grades, Desmond Lee tells students Life Kinokuniya opens third bookstore at Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high The judge also said that "the courts of Dubai are clearly and distinctly more appropriate" if the case were to proceed. Talaat Moustafa's English lawyers did not immediately comment. Al-Azzawi's lawyers could not be contacted for comment. REUTERS
Zawya
08-07-2025
- Business
- Zawya
Egypt: TMG Holding hits record $4bln in H1 2025 sales
Arab Finance: Talaat Moustafa Group Holding (TMG Holding) reported record-high new sales of EGP 211 billion in the first half (H1) of 2025, marking a 59% increase from EGP 133 billion in the same period last year, as per a disclosure. The surge was driven by continued demand for TMG's signature projects across Egypt and Saudi Arabia, including SouthMed on the North Coast, Madinaty, Privado, Nour, Celia, and Banan. The company attributed its strong performance to growing market recognition of its brand and the sustained appeal of its residential offerings. TMG said the results reflect its deep understanding of local and international demand dynamics and its ability to capture new opportunities. TMG also highlighted upcoming regional expansion into Oman and Iraq, which it said will support continued growth in sales and profitability across all business segments. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
12-06-2025
- Business
- Zawya
Egypt: TMG Holding targets $2bln in sales from Sharm Bay project
Arab Finance: Talaat Moustafa Group Holding rolled out plans for its Sharm Bay project in Sharm El Sheikh, which is expected to generate total sales of EGP 120 billion over its lifespan, as per a statement. The development scheme will feature around 3,000 residential units, including a mix of luxury villas and elegantly designed boathouses. The company targets an average net profit margin of 20% and a projected recurring income of EGP 30.2 billion after completing and operating the venture. The tourism resort will include a wide range of premium amenities, such as a world-class marina, high-end retail and entertainment venues, a wellness center, and sports facilities. Moreover, the Sharm Bay project will reinforce the group's position as a leading real estate, hotel, and resort company. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
26-05-2025
- Business
- Zawya
TMG signs Iraq deal for 14mln sqm project, expands Middle East footprint
Egypt - Talaat Moustafa Group Holding (TMG) has signed a Memorandum of Understanding (MoU) to develop a large-scale, 14m sqm mixed-use project in Iraq, a move that will increase its land bank in regional markets to 29 million sqm. The Egyptian property developer announced that the MoU was concluded on Sunday, May 25, 2025. This followed a disclosure on April 28, 2025, regarding ongoing negotiations with Iraqi authorities for a new mixed-use sustainable city. The signing ceremony was held under the patronage and in the presence of Mohammed Shia' Al Sudani, Prime Minister of Iraq, Haider Makiya, Chairman of the Iraqi National Investment Commission, and Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding. The MoU precedes an anticipated final agreement. The development is planned for a 14m sqm site in South-West Baghdad and is expected to comprise around 46,000 mixed-use units. TMG Holding stated the project will replicate the community model it has implemented in Egypt and Saudi Arabia, offering quality housing, infrastructure, and services, with an emphasis on sustainability and smart technologies. This agreement in Iraq will bring TMG Holding's total land bank in the region, spanning Saudi Arabia, Oman, and Iraq, to 29 million sqm. Including projects under development in Egypt, the group's total land bank will reach 125.9 million sqm, positioning TMG Holding as one of the top three developers publicly listed on regional capital markets, the company said. The expansion into Iraq, and into Oman earlier in May 2025, is part of TMG Holding's strategy to build a significant regional development presence in the Arab World. The company outlined that its regional portfolio now provides access to a land bank of 29 million sqm across Saudi Arabia, Oman, and Iraq. The total number of units across the three projects in these countries is estimated at approximately 81,000. Furthermore, estimated sales from these three secured projects are projected to amount to $33 bn over the lifespan of the developments, with an expected sales profit margin ranging from 12% to 17% post-tax. The estimated annual revenues from the potential portfolio of recurring income assets are anticipated to reach $1.7bn, with an expected profit margin ranging from 75% to 80%. TMG Holding detailed key milestones in its regional expansion strategy, which commenced in 2024. A significant step was the launch of TMG Saudi Arabia through the establishment of Talaat Moustafa Group Saudi Company for Real Estate Development (TMG Saudi Arabia) in September 2023. TMG Holding owns 60% of this entity, with AlMuhaidib Group holding the remaining 40%. TMG Holding described AlMuhaidib as a strong partner and a significant investment group in Saudi Arabia with a track record in supporting regional companies, citing investments in firms such as ACWA Power, Riyadh Cables Group, and Miahona through Vision Invest. Following its establishment, TMG Saudi Arabia secured and launched Banan City, a 10m sqm mixed-use development east of Riyadh. This project is estimated to generate sales of $12bn. From its launch in 2024 until March 31, 2025, Banan City generated sales of SAR 6bn (equivalent to $1.6bn), which the company noted was one of the highest sales divs by a private sector developer in Riyadh. Furthering its regional growth, in May 2025, TMG Saudi Arabia secured a 4.9 million sqm land bank in Oman across two mixed-use projects. These are expected to generate $4.7bn in sales over their lifespan and $54.8m in annual recurring income. The recent Iraq market entry was formalised on May 25, 2025, when a fully owned subsidiary of TMG Saudi Arabia entered into the MoU to develop the 14m sqm mixed-use project in Iraq. This project is expected to generate total sales of $17bn and recurring income of $1.5bn per annum upon completion. TMG Holding stated it had been studying this opportunity for the past year. The company believes that given the recovery of the Iraqi economy and the supply gap for quality residential offerings, it is well-positioned to develop this project. TMG Holding said its new regional developments secured under TMG Saudi Arabia are structured to utilise an off-plan self-financing model, which is not expected to require significant upfront investments before their launch. The company further stated that TMG Saudi Arabia has been established with management, resources, and talent from TMG Holding and local markets, leveraging TMG Holding's vision, brand recognition, and track record. TMG Saudi Arabia is intended to be a main pillar of value creation for TMG Holding and will continue to assess growth opportunities, serving as a launchpad for further expansion across Saudi Arabia and the Arab World. TMG Holding's leadership will remain focused on creating shareholder value, similar to its achievements with ICON, its hospitality platform, which it described as a market-leading player in Egypt's premium hospitality segment. TMG Holding noted that ICON's total consolidated revenues reached $255m in 2024. The expansion into regional markets, the company added, further enhances its foreign exchange generation capabilities and recurring income portfolio, helps hedge investor returns against potential local currency fluctuations, and strengthens its position in providing real estate and tourism products and services in the broader Middle East region. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Trade Arabia
21-05-2025
- Business
- Trade Arabia
TMG Holding to develop $4.7bn real estate projects in Oman
Leading Egyptian developer Talaat Moustafa Group Holding (TMG Holding) said it has entered into an agreement with Oman's Ministry of Housing and Urban Planning to develop two large-scale projects in the sultanate at an investment of RO1.8 billion ($4.7 billion). The agreement marks TMG Holding's first venture into Oman and aligns with the company's regional expansion strategy focused on developing integrated smart cities across the Middle East. Announcing the key projects, TMG Holding said the first one will cover 2.7 million sq m in Sultan Haitham City, west of Muscat. Strategically located near Muscat International Airport, the mixed-use development will include villas, apartment buildings, a 190,000 sqm social and sports club, and 140,000 sqm of commercial and service areas. The second development will span 2.2 million sq m in Al Shakheekhit, a coastal area west of Muscat and near Beit Al Baraka Palace. It will boast luxury seafront villas connected to a lagoon, a luxury hotel, residential units, a yacht marina, and chalets along a 1,760-m-long beachfront on the Gulf of Oman. The project will also include the 215,000 sqm Al Naseem Heritage Park, a large green space with views across the development. The deal was signed by Omani Minister of Housing and Urban Planning, Dr Khalfan Al Shueili and TMG Holding Chairman Hisham Talaat Moustafa in the presence of senior officials. Both the projects will be carried out by the group's Oman-based development arm - Talaat Moustafa Group Muscat for Real Estate Development. TMG Holding aims to deliver around 12,900 residential units across the two projects, including approximately 9,200 conventional and serviced apartments. The developments will be executed concurrently, it stated. "Both these projects aim to replicate TMG Holding's successful integrated community model established in Egypt through its flagship developments Madinaty, Noor, and Al Rehab, as well as its recent expansion into Saudi Arabia," said a company spokesman.
