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.

The post Saudi Arabia’s Sela and Egypt’s Talaat Moustafa Group form entertainment consortium first appeared on Dailynewsegypt.

The partnership combines Sela’s expertise in experience design, live entertainment, destination development, and content creation with TMG’s extensive capabilities in integrated urban development, hospitality, and destination management. The consortium is expected to contribute to expanding Egypt’s entertainment sector and strengthening its position as a regional hub for live experiences and entertainment tourism.

The announcement reflects the growing momentum of Saudi-Egyptian collaboration across the entertainment, tourism, and investment sectors, while aligning with broader regional ambitions to diversify economies and strengthen cultural industries.

Dr. Rakan Alharthy, Managing Director of Sela, described the consortium as a major milestone in the company’s international expansion strategy.

“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,” Alharthy said.

He added that Sela has established a strong presence in Saudi Arabia through delivering some of the Kingdom’s largest entertainment and cultural events before expanding into major international markets, including London and Las Vegas.

“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,” he added.

Hisham Talaat Moustafa, Group CEO and Managing Director of Talaat Moustafa Group, said the collaboration aims to create a transformative shift across Egypt’s entertainment, cultural, artistic, and sports sectors.

He noted that the consortium aligns with TMG’s vision of developing vibrant and sustainable communities that enhance quality of life while generating long-term economic and social value.

Moustafa added that the partnership is also expected to strengthen recurring revenue streams and position TMG’s integrated urban destinations, supported by advanced infrastructure and hospitality offerings, as attractive destinations on the regional and international entertainment tourism map.

Under the agreement, Sela will lead the development and operation of live entertainment experiences and events across Egypt, including venue operations, concerts, festivals, seasonal experiences, and large-scale event execution.

TMG will serve as the destination and community partner, leveraging its extensive real estate portfolio, hospitality assets, and large-scale communities across the Egyptian market.

The consortium plans to introduce a diversified portfolio of entertainment offerings, including concerts, festivals, family entertainment experiences, theater productions, comedy performances, and sports events.

One of the flagship initiatives announced under the partnership is “The Corridor,” a cross-border entertainment platform connecting Saudi Arabia and Egypt through an integrated calendar of curated cultural and entertainment experiences.

The initiative is expected to strengthen entertainment tourism flows between both countries while supporting broader regional cultural exchange and private sector collaboration in the rapidly growing entertainment economy.

The post In the Presence of Turki Alalshikh… Sela and Talaat Moustafa Group Launch Strategic Consortium to Develop an Integrated Entertainment Ecosystem in Egypt first appeared on Dailynewsegypt.

The figure represents more than 65% of the targeted sales for the project’s first year, an indicator the group says reflects strong local demand and the distinctiveness of its real estate product.

The group launched “The Spine” following the end of the first quarter of 2026. The development is classified as an integrated Cognitive City and a unified hub for sustainable modern living, business, shopping, entertainment, and innovation within Madinaty. The project is being developed under the framework of a Special Investment Zone (SIZ) and a free economic zone.

TMG stated the project is designed as a next-generation central urban destination and a major urban hub for East Cairo and the New Capital, reflecting a shift towards mixed-use integrated communities that combine residential, commercial, administrative, and entertainment activities.

Initial demand for the project reflects strong confidence in the brand and success in delivering a product that meets the needs of various demographic segments, supported by advanced infrastructure and a strategic location, the group added.

“The Spine” is expected to be a primary driver for the growth of the group’s real estate activities in the coming years. Total sales for the project are forecast to exceed EGP 1.7trn over its development cycle, making it one of the largest mixed-use projects in the Egyptian market.

The project is also expected to fundamentally contribute to enhancing the group’s recurring income platform through a portfolio of income-generating assets, including commercial and administrative spaces, retail, hospitality, entertainment, and various services.

According to the Talaat Moustafa Group, the phased development of the project will expand its long-term operational asset base, supporting future profit visibility and the sustainability of cash flows. Upon completion and full operation, the group expects the project to generate recurring revenues exceeding 50bn EGP annually.

Hisham Talaat Moustafa, Chief Executive Officer and Managing Director of Talaat Moustafa Group Holding, stated that the rapid success of “The Spine” reflects the strength of the group’s strategic vision. He added that it demonstrates the company’s ability to develop integrated urban projects that align with modern lifestyle and business trends while meeting the growing demand for smart, mixed-use communities.

The post Talaat Moustafa Group achieves EGP 30bn in sales for “The Spine” in 15 days  first appeared on Dailynewsegypt.

The group’s revenues rose 39% year-on-year during the first three months of 2026 to reach EGP 13.1bn, supported by robust performance in both the real estate development and hospitality sectors, alongside continued growth in recurring income streams.

Strong Revenue Performance Across Segments

Revenue from the real estate segment climbed 61.6% year-on-year to EGP 6.1bn by the end of March 2026, driven by continued progress in construction activities and unit deliveries across the group’s key projects in Egypt, in addition to revenue recognition from its Saudi Arabia operations based on percentage-of-completion accounting.

Hospitality revenues increased 21% year-on-year to EGP 4.3bn, supported by higher occupancy rates, increased average room rates, and continued operational improvements across the group’s Legacy hotel portfolio.

Meanwhile, other recurring income streams grew 26% year-on-year to EGP 2.7bn, driven by sustained growth in commercial leasing, sports clubs, and integrated community services.

Gross profit surged 37% year-on-year to EGP 4.6bn during the first quarter of 2026, while the gross profit margin stood at 35.4%, compared to 35.9% during the same period last year.

Contracted Sales Reach EGP 49.1bn

The group recorded contracted sales worth EGP 49.1bn during the first quarter of the year, while unrecognized sales backlog increased to EGP 457.9bn as of 31 March 2026, compared to EGP 441.2bn at the end of 2025.

“The Spine” Generates EGP 30bn Sales in 15 Days

TMG’s recently launched “The Spine” project generated approximately EGP 30bn in sales within just 15 days of launch. The project, described as an integrated knowledge city within Madinaty, reflects the group’s strategy to diversify and expand its mixed-use developments.

The group also continued its regional expansion strategy, with its “Banan” project in Saudi Arabia recording sales worth EGP 3.3bn during Q1 2026, while the “Yamal” and “Joud” projects in Oman generated combined sales of approximately EGP 0.9bn.

Delivery of 425 Units

During the first quarter of 2026, the group delivered around 425 units across several flagship developments, including Madinaty, Privado, and Celia.

Cash Position Improves

TMG’s cash and cash equivalents increased to EGP 86.7bn as of 31 March 2026, compared to EGP 73.9bn at the end of 2025, while total debt stood at EGP 14.8bn.

Hospitality Portfolio Continues Growth

The group’s hospitality portfolio continued to deliver strong operational performance, with occupancy rates rising to 63% during Q1 2026, compared to 60% in the same period last year. Average room rates also increased by 15% to reach EGP 13,677.

As part of its hospitality expansion strategy, TMG signed an agreement with Mandarin Oriental Hotel Group to manage the Winter Palace Luxor and Old Cataract Aswan hotels. The group also signed management agreements with Four Seasons Hotels and Resorts and Steigenberger Hotels and Resorts for prominent hospitality assets on Elephantine Island in Aswan.

The company is also progressing with construction works on several hospitality projects, including Four Seasons Luxor, Four Seasons Madinaty, the Marsa Alam resort project, and the mixed-use development adjacent to the Grand Egyptian Museum.

Commenting on the results, Hisham Talaat Moustafa, CEO and Managing Director of TMG, said: “Our first-quarter results reflect the strength of Talaat Moustafa Group’s integrated business model, alongside strong local demand in the real estate market and the group’s ability to meet market needs through a fully integrated global business platform targeting multiple customer segments.”

He added: “The successful launch of The Spine, which generated sales exceeding EGP 30bn within two weeks, reinforces the strength of our new vision and our ability to continue delivering long-term growth.”

The post Talaat Moustafa Group Q1 2026 Net Profit Rises 24% to EGP 5.5bn first appeared on Dailynewsegypt.

“The Spine” project has officially entered the implementation phase, marking its territory as one of the largest mixed-use developments in the country’s history. At its core, the project is rooted in the concept of a Special Investment Zone, aligning with Egypt’s broader trajectory toward digital transformation and rapid urban development.

Developed by TMG Holding (Talaat Moustafa Group) in partnership with the National Bank of Egypt (NBE)—which holds a 24.5% stake— The Spine project is situated in the heart of Madinaty in East Cairo, spanning an area of approximately 2.125 million square meters.

A Smart “Cognitive City”

“The Spine” is designed to be a Cognitive City powered by Artificial Intelligence and advanced smart management systems. Key highlights of the development include:

• Scale and Scope: It encompasses 165 towers allocated across residential, administrative, and hospitality uses.

• Green Infrastructure: 70% of its footprint—over 1.5 million square meters—is dedicated to green and open spaces.

• Logistics: It incorporates Egypt’s first comprehensive underground logistics network to mitigate congestion and optimize efficiency.

• Healthcare: It will provide world-class medical services through the highly esteemed American Houston Methodist Hospital.

Special Investment Zones: Activating an Existing Tool

This type of special investment zone is not an exceptional legal loophole; rather, it represents a serious activation of an existing tool within Egypt’s Investment Law No. 72 of 2017, the potential of which had remained underutilized for years.

Herein lies the true innovation: the law itself allows any project meeting the criteria to reap these same benefits, but “The Spine” stands as the first large-scale application of these provisions. Following approval from the General Authority for Investment and Free Zones (GAFI) and Prime Minister Mostafa Madbouly, the project boasts an investment value exceeding EGP 1.4 trillion and a paid-in capital of EGP 69 billion. It is projected to contribute approximately 1% to Egypt’s GDP.

The Concept and Objectives

The “Special Investment Zone” concept aims to attract foreign capital and bolster exports while redefining the relationship between the state and the investor.

The implemented system does not entail a full tax exemption, but rather a rescheduling of tax collection. The state collects its full dues in taxes and fees—such as income tax, VAT, and stamp duties—only when products transition from the zone to the local market. Conversely, export activities or international transactions are temporarily exempt from direct tax burdens. This aligns with global best practices, which view this system as a long-term investment in the state’s future revenues, not as a means to evade financial obligations. Estimates indicate that the project will generate massive tax revenues for the Egyptian state, reaching approximately EGP 818 billion.

The Spine | Financial Institutions: Absolute Confidence

From a financing perspective, “The Spine” places no burden on the public budget, as it receives no direct government cash subsidies. Furthermore, the National Bank of Egypt’s 24.5% participation serves as direct evidence that the project is subject to stringent lending standards and certified feasibility studies, reflecting financial institutions’ profound confidence in the Special Investment Zone model.

Additionally, flexible payment plans extending up to 15 years—with a minimum down payment starting at just 1.4%—create a new demand base for units within the zone. By targeting a global demographic spanning over 65 nationalities, the impact goes beyond merely redistributing local demand; it creates a new export-driven demand, especially since the nature of integrated, mixed-use developments fundamentally differs from seasonal resort projects.

A Multitude of Benefits for the Egyptian Economy

On the developmental front, the benefits of these zones transcend the tax framework to encompass comprehensive economic revitalization:

• Employment: The project is expected to create over 55,000 direct jobs and around 100,000 indirect jobs, totaling more than 150,000 employment opportunities.

• Tourism & Hospitality: It will contribute to attracting tens of millions of visitors annually and adding over 3,500 hotel rooms and suites.

• Local Industry: It serves as a major catalyst for stimulating local manufacturing and supply chains.

Furthermore, land allocation was conducted in strict accordance with official state mechanisms and full compliance with all regulatory procedures.

The Spine | Breaking Away from Bureaucracy

Moving away from red tape, Special Investment Zones like “The Spine” are designed to be fully integrated digital environments. Booking and marketing are handled entirely electronically, expediting transactions to meet the high-paced demands of global corporations, all while maintaining absolute financial oversight and the state’s right to monitor activities.

Ultimately, “The Spine” is not merely a real estate venture; it is a living model of an integrated cognitive city that is reshaping East Cairo into a premier urban and investment hub.

The post The Spine: A practical application of special investment zones in Egypt first appeared on Dailynewsegypt.

The organising committee announced the completion of all preparations for the tournament. The competitions are scheduled to run from Thursday, 30 April, to Friday, 1 May, with matches taking place between 4:00 p.m. and 9:00 p.m.

The  is located in the New Administrative Capital and is part of the Talaat Moustafa Group. The venue features an integrated sports infrastructure intended for athletic and recreational activities.

Egypt’s National Squash Championship was launched at the Madinaty Sports Club with 1,400 players competing in the tournament, which runs from April 20 to May 2 across all age groups.

The post Talaat Moustafa Group’s Celia Sporting Club to host its first National Squash Championship first appeared on Dailynewsegypt.

Egypt’s National Squash Championship launched at the Madinaty Sports Club with 1,400 players competing in the tournament, which runs from April 20 to May 2 across all age groups.

The championship is organised in cooperation with the Egyptian Squash Association and TM Sports, drawing male and female participants from various clubs, academies, and sports bodies.

As part of the event, the Celia Sports Club will host the Masters stage on April 30 and May 1. This marks the first time the facility has hosted the competition since its opening.

The organisation of the tournament underscores the growing position of Madinaty Sports Club, affiliated with the Talaat Moustafa Group (TMG), as a destination for hosting sporting events, particularly squash. The venue is supported by advanced infrastructure and modern facilities equipped to top sporting standards.

Similarly, the Celia Sports Club, also a TMG affiliate, features an integrated sports infrastructure designed to accommodate a range of sporting and recreational activities.

The post Egypt’s National Squash Championship kicks off in Madinaty with 1,400 participants first appeared on Dailynewsegypt.

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.

The post TMG opens bookings for EGP 69bn ‘The Spine’ project, targets phase one delivery in 4 years first appeared on Dailynewsegypt.

With investments exceeding EGP 1.4trn and targeted sales of more than EGP 1.7trn, the project signals a transformative shift in Egypt’s real estate development model. Far from a conventional large-scale project, The Spine introduces—arguably for the first time in the local market—the concept of an integrated “knowledge city”, a multi-dimensional economic ecosystem that extends beyond traditional property development.

At its core, the project is built on a holistic vision that integrates living, working, production and services within a single, cohesive environment. It is designed not merely as a residential destination, but as a fully-fledged economic engine.

The residential component alone is expected to stimulate a wide range of industries linked to construction, finishing and supply chains, driving demand across dozens of sectors. This multiplier effect could activate hundreds of factories and strengthen domestic value chains, giving the development a distinct industrial dimension rarely associated with real estate projects.

The Spine also places strong emphasis on hospitality, incorporating a portfolio of hotel units aimed at expanding Egypt’s room capacity and supporting the country’s push towards business tourism and high-value visitors. This is expected to contribute to foreign currency inflows and enhance Egypt’s competitiveness as a global tourism destination.

In parallel, the development will feature a dedicated free zone and investment district, offering an attractive business environment for multinational corporations. Through streamlined procedures and commercial incentives, the project is positioned to attract regional headquarters and international firms, reinforcing Egypt’s standing as a hub for business services and investment.

Complementing its economic and commercial pillars, The Spine will include a broad range of entertainment and service facilities designed to boost both domestic and international tourism, while generating additional economic value through increased consumer spending. As such, it is envisioned as a fully integrated urban centre with diversified economic functions.

At the macroeconomic level, the project’s impact is expected to be significant. It is projected to generate approximately 155,000 direct and indirect job opportunities and contribute nearly 1% to Egypt’s GDP. In addition, it is anticipated to deliver more than EGP 800bn in tax revenues to the state budget, supporting public services and broader development plans.

Amid ongoing geopolitical uncertainty and global economic headwinds, the launch of The Spine sends a strong signal of confidence in the resilience of the Egyptian economy. Advancing a project of this scale under current global conditions reflects growing investor confidence in Egypt’s ability to provide a stable and attractive environment for long-term investment.

Ultimately, The Spine represents more than a mega development; it is a strategic economic statement. As companies increasingly look to expand within Egypt, the project underscores the country’s emergence as a regional platform connecting markets and driving growth in an evolving global landscape.

The post The Spine: New hub for finance, business and tourism in Egypt by 2026 first appeared on Dailynewsegypt.

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.

The post Egypt’s TMG launches EGP 1.4trn ‘The Spine’ project to attract global firms first appeared on Dailynewsegypt.