African Billionaire’s Real Estate Empire Secures Landmark $18.8 Billion Middle East Deal
One of Africa’s most influential business figures has recorded a major milestone in the continent’s growing investment footprint across the Middle East.
Egyptian billionaire Hisham Talaat Moustafa, through his flagship company, Talaat Moustafa Group Holding (TMGH), has secured a massive $18.8 billion investment project in Iraq, marking one of the largest real estate developments ever undertaken by an African-owned company in the region.
The landmark project follows the issuance of investment license No. 2026/515 by Iraq’s National Investment Commission (NIC) on May 24, 2026. The license authorizes TMGH to develop a sprawling integrated urban community in Baghdad, Iraq’s capital city, further cementing the company’s position as a regional real estate powerhouse.
The ambitious development will span approximately 12.8 million square meters and feature around 43,000 residential units designed to accommodate more than 250,000 residents. Beyond housing, the project will include extensive commercial, administrative and service infrastructure, creating a fully integrated city within Baghdad’s rapidly expanding financial and economic district.
Strategically located near Baghdad International Airport, the development is expected to become one of Iraq’s most significant urban transformation projects, contributing to economic growth, job creation and modern infrastructure expansion.
According to Talaat Moustafa Group, the project represents a key pillar of its regional expansion strategy and demonstrates the company’s confidence in Iraq’s long-term economic potential. Upon completion, the development is projected to generate total sales of approximately $18.8 billion, while also creating an estimated $108 million in annual recurring revenue from hospitality operations and rental assets.
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The company disclosed that construction and development will be carried out over a period of approximately 16 years, with all residential units expected to be sold within 12 years.
The Baghdad project comes at a time when TMGH is aggressively expanding beyond traditional real estate development into new sectors, particularly entertainment and tourism.
Earlier in May, the Egyptian property giant announced a strategic partnership with Saudi Arabia-based entertainment powerhouse Sela, aiming to capitalize on the Middle East’s rapidly growing entertainment industry.
The collaboration seeks to establish one of Egypt’s largest entertainment and live-events platforms, delivering concerts, festivals, sporting events, theatrical productions and tourism-focused experiences. The agreement was unveiled on May 21 in the presence of Turki Alalshikh, a leading figure behind Saudi Arabia’s Vision 2030 entertainment transformation agenda.
Speaking on the partnership, Moustafa described the initiative as a catalyst for a new era in Egypt’s entertainment, cultural and sports industries.
“Our collaboration with Sela will drive a qualitative shift across entertainment, culture, arts and sports in Egypt,” he said.
Under the agreement, Sela will manage the development and operation of major live entertainment experiences, including venue management, festivals, concerts, sports competitions, comedy performances and theatrical productions. TMG, on the other hand, will leverage its extensive portfolio of residential developments, hotels and tourism assets across Egypt to support the initiative.
The twin announcements highlight the growing influence of Talaat Moustafa Group across multiple sectors and geographies. Recognized by Forbes Middle East as Egypt’s leading publicly listed real estate developer by market capitalization in 2026, the company continues to strengthen its position as one of the region’s most diversified investment groups.
Hisham Talaat Moustafa currently owns a 43.16 percent stake in TMG Holding and has an estimated net worth of $1.4 billion. His latest investments underscore the increasing role African business leaders are playing in shaping major development projects and economic partnerships across the Middle East and beyond.
