Saudi Arabia’s Sela, a Public Investment Fund company, and Egypt’s Talaat Moustafa Group (TMG) have launched a strategic consortium to create and manage an integrated entertainment ecosystem and live events in Egypt.

The agreement was launched in the presence of Turki bin Abdulmohsen Alalshikh, Chairman of the Board of Directors of Saudi Arabia’s General Entertainment Authority (GEA).

Under the partnership, Sela will lead the development and operation of live experiences and events, including venue operations, festivals, concerts, and on-ground execution. TMG will act as the destination and community partner, leveraging its real estate assets, hospitality platforms, and large-scale communities across Egypt.

The consortium plans to deliver a range of entertainment and cultural offerings, including concerts, festivals, seasonal events, family experiences, theatre and comedy shows, and sports events. A flagship initiative under the agreement is “The Corridor,” a cross-border entertainment platform connecting Saudi Arabia and Egypt through a curated lineup of cultural and entertainment events.

Sela Managing Director Dr. Rakan Alharthy said the consortium marks a new milestone in the company’s international presence.

“Our entry into Egypt through a strategic consortium of this scale reflects a natural progression in Sela’s regional expansion, building on Saudi expertise that has proven its strength in leading global markets and can now contribute to the wider region’s entertainment landscape,” Alharthy said.

“At Sela, we are driven by a clear vision to redefine experiences by developing destinations, events, and content that leave a lasting impact extending beyond the moment,” he added.

Hisham Talaat Moustafa, Group CEO and Managing Director of Talaat Moustafa Holding Group, said the collaboration aims to drive a qualitative shift across entertainment, culture, arts, and sports in Egypt.

Moustafa said the consortium supports the group’s vision of developing vibrant communities that offer a sustainable quality of life, create added economic value, contribute to recurring revenue growth, and position its urban communities as attractive destinations on the regional and global entertainment tourism map.

The consortium combines Sela’s background in experience design, event management, and content creation with TMG’s capabilities in residential, commercial, and hospitality development.

Founded in 1997 as the first Saudi company accredited by FIFA for athlete representation, Sela has since expanded into sports marketing, live experiences, destination development, and event management. The company has developed and operated destinations including Boulevard City, Boulevard World, Via Riyadh, Jeddah Superdome, and the Jeddah Yacht Club, while expanding into major global cities, including London and Las Vegas.

Talaat Moustafa Group, operating for nearly 55 years, has developed fully integrated cities across Egypt, including Madinaty, Al Rehab, and Noor in East Cairo, and is currently developing SouthMED on Egypt’s North West Coast. The group also holds international projects in Saudi Arabia and Oman. Its hospitality portfolio comprises 16 hotels operated under brands including Four Seasons, Kempinski, Marriott, and Mandarin Oriental, totalling nearly 5,000 rooms and suites and accommodating approximately 1.5m visitors annually.

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The National Bank of Egypt holds a 24.5 percent stake in the project, which boasts one of the largest capital bases in the Egyptian market, reflecting a robust financial structure and the confidence of major banking institutions, Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding, said during an interview with broadcaster Amr Adib on MBC Masr’s “El Hekaya” programme. Moustafa noted that the integrated project represents a qualitative shift for the Egyptian economy.

To enable a broader segment of clients to invest, TMG is offering flexible payment systems extending up to 15 years, with down payments starting at 1.4 percent of the unit’s value. Moustafa said this mechanism grants investors greater ability to make long-term investment decisions and reflects the group’s extended investment vision and financial strength.

Buyers will pay approximately 30 percent of the unit’s value prior to delivery. Moustafa stated this structure will allow investors to achieve high returns, either through capital appreciation or by leasing the units at premium rates.

“The Spine” project will be managed through a fully electronic marketing and reservation system, allowing clients to book and pay online. Highlighting international demand, Moustafa said the company maintains a multinational client base, noting that its recent project in Sharm El-Sheikh attracted buyers of 65 nationalities, including clients from New Zealand and Mexico.

Designed in the heart of the Madinaty development—which Moustafa described as the centre of the new East Cairo urban area—”The Spine” will feature independent entrances on the Cairo-Suez Road to enhance connectivity to main transport axes.

Unit prices within the project will be competitive, with residential units priced lower than villas inside Madinaty, and will be offered in a variety of sizes to suit different market segments, Moustafa added.

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The project, located within the Madinaty development, operates with a paid-up capital of EGP 69bn and includes the participation of the National Bank of Egypt. TMG Chief Executive and Managing Director Hisham Talaat Moustafa said the development is expected to generate EGP 818bn in tax revenues for the state budget and create 55,000 direct and 100,000 indirect jobs.

Moustafa stated the project adopts a Special Investment Zone (SIZ) model, providing a flexible regulatory framework, simplified procedures, competitive incentives, and special customs circuits to facilitate business establishment.

“We are not just building towers, we are building an integrated economic model,” Moustafa said, adding that the project is designed to attract tens of millions of visitors annually to support economic, commercial, and tourism activities.

“The Spine” will comprise 165 residential, administrative, and hotel towers. Moustafa noted the development functions as a “Cognitive City” reliant on artificial intelligence and smart management systems, and will feature an underground logistical road network.

More than 1.5m square metres—accounting for 70% of the project’s surface area—will be dedicated to green spaces and open areas. The design aims to reduce carbon emissions and noise, supporting the concept of “Longevity.” The development also includes medical services provided by Houston Methodist and holds insurance coverage exceeding EGP 30 bn.

The project’s launch follows five years of studies conducted with international consultancies. The announcement was attended by Prime Minister Mostafa Madbouly, Central Bank Governor Hassan Abdalla, Finance Minister Ahmed Kouchouk, and Housing, Utilities and Urban Communities Minister Randa Al-Minshawy.

Moustafa said the development responds to global shifts in economic power and the competition to attract investments, aligning with the country’s trajectory led by President Abdel Fattah al-Sisi.

Describing the project as a reflection of confidence in the Egyptian economy and the private sector, Moustafa issued an invitation to the business community to participate in building a regional business centre.

“There are projects that are built, and others that change the rules of the game,” Moustafa said.

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Talaat Moustafa Group (TMG) Holding has been ranked as the largest listed real estate developer in Egypt for 2026 by Forbes Middle East, following a year of increased market valuation and regional project expansion.

The ranking, part of Forbes’ list of the top 50 companies in Egypt by market value, was based on the group’s financial performance, growth in market capitalisation, and its strategic expansion into local and international markets. TMG recorded contractual sales of $8bn during 2025, while net profit rose by 43% to reach $381 m.

According to the classification methodology used by Forbes Middle East, companies were ranked based on their market value as of Jan. 31, 2026, using exchange rates from the same date. The total market value of the top 50 companies reached $55.8bn, representing approximately 83% of the Egyptian Exchange’s (EGX) total market capitalisation of $67.3bn.

The EGX saw a 40% increase in total market value by the end of January 2026 compared to the same period in 2025. While the banking and financial services sector accounted for approximately 30% of the top 50 firms, TMG led all real estate development companies on the list.

TMG currently manages a large portfolio of projects in Egypt and has expanded regionally into Saudi Arabia, Oman, and Iraq. In May 2025, the company signed an agreement to develop two sustainable mixed-use projects in Oman covering 4.9 m square metres.

Forbes Middle East stated that the selection of TMG confirms its position in the Egyptian real estate sector and reflects investor confidence in the group’s ability to deliver sustainable returns and innovative projects. The magazine noted that the group’s performance contributed to its market value reaching record levels within the 2026 rankings.

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The strong bottom-line performance was supported by a 46% increase in total revenues, which climbed to EGP 62.5bn during the year.

Real estate revenues rose by 50% to EGP 36.7bn, driven by continued project deliveries and solid sales performance. Meanwhile, hospitality revenues grew 30% to EGP 14.89bn, reflecting improved operational performance across the group’s hotel portfolio.

TMG also recorded a significant 64% jump in recurring income and service-related revenues, which reached EGP 10.9bn in 2025, compared to EGP 6.66bn in 2024.

The growth underscores the group’s expanding base of recurring revenue streams alongside its core development activities.

The company’s backlog of unrecognized sales reached EGP 441bn by the end of 2025, marking a 50% increase compared to December 2024.

 These contracted but undelivered sales are expected to be recognized as revenue over the coming years, providing strong visibility on future earnings.

In a separate development, TMG’s board of directors approved a cash dividend distribution of EGP 0.30 per share.

The dividend will be paid in two equal installments, with the first tranche due by the end of May and the second by the end of July.

Hisham Talaat Moustafa, CEO and Managing Director of TMG said: “Fiscal year 2025 marked a defining milestone in the journey of Talaat Moustafa Group. Revenues grew by 46% year-on-year, reflecting disciplined execution across our real estate portfolio, accelerating performance in the hospitality segment, and continued expansion of our recurring income streams.”

Moustafa added: “We generated contractual sales of EGP 382.2bn, supported by the launch of Sharm Bay as well as the Joud and Yamal projects in the Sultanate of Oman toward the end of the year. At the same time, we achieved a substantial build-up in our unrecognized sales backlog, which reached EGP 441.2bn across our existing projects. This underscores the strength of our brand, sustained end-user demand, and the depth and quality of our current project pipeline.”

He noted that the TMG’s hospitality platform continued to deliver outstanding performance, supported by strong operating indicators, portfolio expansion, and strategic partnerships with leading global operators. He added that this has further strengthened the company’s ability to generate foreign currency cash flows.

He further emphasized that “the Group’s growing base of recurring revenues has enhanced earnings visibility and stability, reinforcing the resilience of its overall business model.

Backed by a strong financial position, ample liquidity, and a high-quality land bank, the Group is well positioned to deliver sustainable growth, expand regionally, and execute its long-term strategy, while continuing to create lasting value for our shareholders.”

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Talaat Moustafa Group (TMG) Holding’s net profit surged 43% in 2025 to 18.2bn EGP, according to the company’s annual financial results.

The profit growth followed a 46% increase in total revenues, which reached approximately 62.5bn EGP. The performance was driven by a 50% jump in real estate revenues to 36.7bn EGP, alongside a 30% rise in hotel sector revenues to 14.89bn EGP.

Talaat Moustafa Group  also reported a substantial increase in income from recurring and service activities, which grew 64% to 10.9bn EGP, compared to 6.66bn EGP in 2024.

Data from the TMG showed that unrecognised sales reached 441bn EGP by the end of 2025, representing a 50% increase over the value recorded at the end of December 2024. These sales are scheduled for delivery in the coming years and are expected to be reflected in future revenue and profit figures.

The board of directors of Talaat Moustafa Group, which met on Sunday, approved a cash dividend of 0.30 EGP per share. The dividend is to be paid in two equal instalments, with the first due by the end of May and the second by the end of July.

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The two iconic properties are scheduled to reopen under the Mandarin Oriental brand in 2027. Under the agreement, Mandarin Oriental will take over management of the Old Cataract Aswan in May 2026. Following extensive development, it is expected to reopen as the “Mandarin Oriental Old Cataract Aswan” in July 2027. The Winter Palace Luxor will also undergo a full redevelopment, with its reopening as the “Mandarin Oriental Winter Palace Luxor” also slated for July 2027.

“We are pleased to cooperate with Mandarin Oriental to manage these iconic historic hotels in Luxor and Aswan,” Hisham Talaat Moustafa, CEO of TMG Holding, said in a statement. “These assets represent a fundamental part of the historic hotel portfolio we recently acquired, which has significantly contributed to expanding and enhancing our hospitality ecosystem.”

Moustafa added that the group is working to develop these historic assets into world-class luxury destinations, aiming to strengthen its position as a leading hospitality platform in Egypt by combining Mandarin Oriental’s service standards with TMG’s long-term investment vision and local expertise.

The 2024 acquisition of a historic portfolio comprising seven hotels marked a significant step in diversifying TMG’s hospitality presence across Egypt’s primary tourist destinations, including Cairo, Alexandria, Luxor, Aswan, and Sharm El Sheikh. These assets complement the group’s existing portfolio, which includes Four Seasons hotels in Cairo, Alexandria, and Sharm El Sheikh, as well as the Kempinski Nile Hotel in Cairo.

TMG continues to expand its hospitality sector through several large-scale projects currently under construction. These include the Four Seasons Luxor, Four Seasons Madinaty, a luxury resort in Marsa Alam, and a Four Seasons hotel adjacent to the Grand Egyptian Museum. Upon completion of these projects, the group’s total hotel capacity is expected to rise to approximately 5,000 rooms and suites, up from the current 3,500, enhancing its status in the regional luxury hospitality market and broadening its recurring revenue base.

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Speaking in a phone interview on Al Hekaya TV program, Talaat Moustafa explained that current prices maintain only a modest profit margin for developers, making price reductions unfeasible, particularly given the ongoing rise in construction and execution costs.

He highlighted that the market is witnessing strong sales activity, noting that developers achieved robust results in January. His own group reportedly sold an entire project in Sharm El-Sheikh within just 24 hours at the end of December.

Total sales for the company in January reached approximately EGP 13bn, including EGP 1bn in a single day, marking significant year-on-year growth.

Regarding ready-to-deliver units, Talaat Moustafa confirmed that prices are not expected to drop, pointing out that the alternative for buyers would involve higher costs, thereby preserving the market value of existing units.

He emphasized that purchasing ready units in cash without interest charges presents a valuable investment opportunity, as such prices are unlikely to be repeated due to rising costs.

He further noted that prices for new units six months from now are expected to be higher than current levels, reinforcing the incentive for buyers to act promptly.

Talaat Moustafa dismissed any claims of a slowdown in the resale market, citing rising rates of unit transfers within his company as evidence of sustained demand.

Highlighting real estate’s long-term value, he stated that property investment has historically yielded higher returns than the U.S. dollar over the past 50 years.

He concluded by projecting that annual demand for housing in Egypt will not fall below 900,000 units over the next 30 years, with 150,000 to 250,000 units specifically targeted at the segment capable of purchasing them.

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The Great Liquidity Shift

The convergence of maturing bank debt and a “light correction” in precious metals has created a unique liquidity event in the Egyptian economy. While gold has provided historic returns over the past two years, local investors are now prioritising assets with lower daily volatility and tangible utility. This shift is underpinned by a demographic reality—a million new marriages annually—and a construction cost floor that industry leaders argue makes a price drop fundamentally impossible.

Cost-Push Reality: Why Prices Defy Gravity

The narrative that Egyptian property prices might cool is being met with firm resistance from the sector’s largest players. Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group (TMG), addressed these concerns directly, dismissing talk of a price retreat as “incorrect.”

“Property pricing is fundamentally tied to cost—the price of land and building materials,” Moustafa explained during an appearance on MBC Masr.

With the prices of iron, cement, and oil-linked inputs continuing to climb, Moustafa argues that current market margins are already limited. His group’s performance serves as a bellwether for the industry:

• EGP 13bnin sales achieved in January alone.
• New projects in Sharm El-Sheikh sold out within 24 hours.
• Demand consistently outstrips supply across both luxury and primary residential segments.

Demographics vs. Speculation

A core driver for the market’s resilience is Egypt’s unique demographic profile. Unlike European markets facing population decline, 65% of Egyptians are under the age of 30. This creates a structural demand for approximately 1m new units every year for the next three decades.

“The demand is real, not speculative,” Moustafa noted, highlighting that over the last 50 years, real estate in Egypt has outperformed the US dollar. He advises that for those with liquid capital, purchasing units in “cash” remains the most effective way to hedge against future inflationary cycles and rising construction costs.

Gold Correction and the Search for Stability

Economist Hany Genena views the current market movement as a “rebalancing.” While gold and silver have seen intense speculation and recent “light corrections,” the fundamental appetite from central banks and the jewellery industry remains stable. However, the psychological shift is already underway.

“These fluctuations may drive some investors to exit gold and move toward real estate, which offers more stability,” Genena stated. He added that the influx of liquidity from maturing bank certificates would likely create a “state of balance” in the property market, preventing a vacuum as other asset classes cool.

The Global Backdrop

The outlook for Egypt is also being shaped by broader geopolitical and economic shifts:

• US Economy:Expected strength over the next two years is likely to support emerging markets, despite a weaker dollar.
• Trade Corridors:European efforts to enhance trade with North Africa and India present Egypt with new economic opportunities.
• Asset Performance:While agricultural commodities remain stable, industrial metals like copper and aluminium continue to see price strength, further insulating the “cost-push” inflation in the housing sector.

A Forward-Looking Outlook

As the market moves deeper into 2026, the transition from “paper wealth” in certificates and “liquid wealth” in gold back into “hard wealth” in property appears to be the defining trend of the year. For the Egyptian investor, the home remains the ultimate hedge—a sentiment echoed by Moustafa’s observation that any new units brought to market will inevitably carry a higher price tag than those available today.

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The meeting was held within the framework of the state’s strategy to support and develop the tourism sector as a key driver of economic growth, expand hotel capacity, and strengthen partnerships with the private sector.

Discussions focused on prospects for continued cooperation and the progress of major hotel development projects that add significant value to Egypt’s tourism sector, most notably the expansion of the historic Mena House Hotel overlooking the Giza Pyramids.

The project is being implemented through Legacy Company, a partnership between EGOTH—an affiliate of the Holding Company for Tourism and Hotels under the Ministry of Public Enterprises Sector—and ICON, a subsidiary of Talaat Moustafa Group. The development aims to enhance the hotel’s operational efficiency and service quality in line with the highest international standards.

The meeting also reviewed the implementation status of the Four Seasons Luxor Hotel project, which is being developed by ICON on Sultanah Malak land owned by EGOTH and overlooking the Nile River. Discussions addressed progress rates and upcoming work plans, underscoring the project’s importance in reinforcing Luxor’s position as one of the world’s premier cultural and tourism destinations.

During the meeting, Minister El-Shimy reaffirmed the Ministry of Public Enterprises Sector’s commitment to supporting serious investment partnerships—particularly with leading national entities—to develop hotel infrastructure, increase accommodation capacity, maximize economic returns, and advance the state’s objectives for sustainable tourism development.

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