Egypt's Talaat Moustafa Group partners with Saudi PIF for urban developments

Egypt's Talaat Moustafa Group Saudi for Real Estate Development (TMG Saudi) has entered a new partnership with Saudi Arabia's Public Investment Fund (PIF) to explore the opportunity for constructing large-scale mixed-use projects across the Arabian country. The cooperation, formalized by an MoU, will allow both parties to collaborate on residential, commercial, hotel, retail, and urban developments aligned with PIF's growth strategy.

This partnership combines PIF's financial and investment resources with TMG's 55 years of real estate development expertise to drive urban expansion and economic benefits in Saudi Arabia. The agreement, formalized through a Memorandum of Understanding (MoU), would allow both companies to evaluate prospective collaboration in residential, commercial, hotel, retail, and integrated urban developments related to PIF-funded projects.

The partnership intends to bring together PIF's financial power and wide investment network with TMG's decades of expertise in building and constructing large-scale communities. "By leveraging PIF's extensive investment capabilities, scale, and ecosystem, alongside TMG's track record in delivering integrated mixed-use developments, the parties aim to unlock opportunities across the residential, commercial, hospitality, and retail sectors, as well as integrated urban environments," a statement issued per the project reads.

Together, the two parties want to promote the development of new urban attractions while also producing long-term economic benefits, as seen on ArabNews. The program is consistent with PIF's 2026-2030 plan, which emphasizes urban growth and quality of life as an important priority. "Within the urban development and livability ecosystem, PIF is investing in real estate projects in partnership with the private sector to maximize long-term value realization and advance urban innovation," the statement adds.

The sovereign wealth fund's methodology strives to help Saudi Arabia's economic transition while also improving national living standards. TMG has approximately 55 years of expertise in the real estate industry, having built residential communities, tourism projects, hotels, and resorts throughout Egypt. Beyond project construction, the agreement may stimulate more engagement from investors and private-sector partners.

It is also planned to facilitate the sharing of knowledge and generate possibilities for suppliers and firms working in the Kingdom's booming real estate industry. The announcement emphasizes the PIF's ongoing efforts to form partnerships that attract investment, encourage growth, and assist vital areas of the Saudi economy. Through its urban development efforts, the fund has invested in projects that aim to build sustainable communities, contemporary housing alternatives, commercial hubs, and critical infrastructure.

PIF continues to play an important role in various major developments in Saudi Arabia, helping to achieve the country's Vision 2030 goals, including expanding citizen homeownership. This announcement is coming a few days after the Egyptian real estate company secured an investment license in Iraq, valued at $18.8 billion. According to reports, Talaat Moustafa Group received an investment license 2026/515, which was awarded on May 24, 2026, for an integrated project in Baghdad, Iraq's capital, with an estimated sales value of $18.8 billion.

The agreement would guarantee construction on a land area of 12.8 million square meters, with around 43,000 residential units. The property is located in the financial and business region, close to Baghdad International Airport. The investment license was awarded to the Egyptian real estate company by the Iraqi National Investment Commission (NIC). Upon completion, the project is expected to generate total sales of $18.8 billion, with an additional $108 million in yearly recurring revenue from hotel operations and rental properties.