Egypt’s TMG gains license to develop $18 billion project in Iraq
Baghdad (IraqiNews.com) – Talaat Moustafa Group (TMG), a leading Egyptian conglomerate specialized in real estate development, announced on Monday that it has obtained an investment license for an integrated project in Baghdad with projected sales of $18.8 billion.
The company said in a statement that the project will be developed on an area spanning 12.8 million square meters and will feature around 43,000 residential units, projected to house over 250,000 people when completed.
The project will include non-residential properties, such as commercial and administrative assets. It will be located in a strategic area of the financial and economic district, near Baghdad International Airport.
The license was issued by Iraq’s National Investment Commission (NIC). TMG said that the project represents an important milestone in its regional expansion strategy.
When completed, the project will create $18.8 billion in total sales, as well as about $108 million in annually recurring revenue from rental and hotel properties.
TMG explained that the project’s development phase is scheduled to last around 16 years, with all units being sold within 12 years.
The post Egypt’s TMG gains license to develop $18 billion project in Iraq appeared first on Iraqi News.
المصدر: Iraqi News