Egypt’s Talaat Moustafa Group Holding (TMG) said on Tuesday it is negotiating with Iraq’s National Investment Commission (NIC) for the construction of 45,000 houses.

The mixed-use project could generate total sales of around $17 billion and annual income exceeding $1.5bn upon completion, it said in a statement on Egypt’s bourse.

TMG confirmed reports that it is in advanced negotiations with Iraq’s National Investment Commission (NIC) for the new development, located southwest of the capital Baghdad. The proposed project spans approximately 14 million square metres and is expected to host around 45,000 mixed-use units, it added.

“The confirmation follows intensive exploratory meetings and market studies. The project aims to replicate the company’s successful, well-tested and unique community model pioneered by the Group in Egypt and Saudi Arabia, focusing on quality housing, infrastructure, services, sustainability, and smart technologies,” the statement said.

 “Subject to the successful conclusion of negotiations, TMG expects to receive the land from Iraqi authorities by the end of the year,” it added.

Egypt’s ORA Developers was awarded a contract last year to develop a new mega residential city ‘Ali Al-Wardi’ in southeast of Baghdad, according to a February 2024 report by Zawya Projects. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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