TMG Secures Baghdad Investment License for Landmark $18.8 Billion Smart City Project
Leading Egyptian real estate developer Talaat Moustafa Group Holding (TMG) has announced that its subsidiary, Talaat Moustafa Baghdad Company, has successfully obtained Investment License No. 15/5/2026, issued on May 24, 2026, by the National Investment Commission of Iraq. The regulatory milestone grants the company a strategic land plot to develop a massive, fully integrated mega-project in southwest Baghdad, marking a pivotal step in TMG's regional expansion strategy.
Project Scalability and Revenue Projections Spanning an immense land area of 12.8 million square meters, the integrated urban community is projected to generate aggregate cumulative sales of approximately $18.8 billion. The master plan features around 43,000 premium residential units designed to accommodate roughly 250,000 residents upon completion. Additionally, the blueprint allocates 2.3 million square meters of built-up area for non-residential purposes, encompassing commercial and administrative assets including a regional shopping mall, corporate office spaces, hospitality venues, educational and medical institutions, religious and civic centers, an extensive sports and social club, recreational zones, and open green parklands.
According to comprehensive feasibility studies, the sustainable smart city will not only secure high-volume sales but will also yield an estimated $108 million in annual recurring revenues from its leased commercial and hospitality assets upon full completion, maintaining an anticipated gross margin of approximately 20%. The development timeline is structured across a 16-year cycle, with total inventory projected to be completely sold out within 12 years, ensuring long-term financial returns and sustainable shareholder value.
Strategic Geography and Global Portfolio Value The development site is situated within Baghdad’s Finance and Economic City, offering direct connectivity to primary financial and administrative corridors, alongside close proximity to Baghdad International Airport. This expansion builds directly onto TMG’s broader regional growth roadmap, which is concurrently being executed via its operating subsidiary in the Kingdom of Saudi Arabia.
With this acquisition, TMG's total global landbank scales up from 115 million square meters to approximately 128 million square meters, injecting an estimated $3.58 billion in asset valuation into its raw land portfolio. Concurrently, the group’s total land holdings across the Gulf and broader Middle East region will rise to 28 million square meters, significantly diversifying its real estate development pipelines and increasing stable recurring revenues denominated in foreign currency.
