Egyptian Billionaire Shatters Records As Tmg Hits 10 Billion In 2024 Sales
- TMG Holding, led by Hisham Talaat Moustafa, posted record contract sales of 10 billion in 2024, fueled by expansion into Egypt and Saudi Arabia.
- TMGs 23-million-square-meter SouthMed project on Egypts North Coast generated 5.6 billion in sales within months of its July launch.
- With a 70 CAGR since 2017, TMG commands 50 market share among Egypts top developers and ranks among the Middle Easts largest real estate firms.
Cairo-based real estate giant, TMG Holding, under Egyptian billionaire Hisham Talaat Moustafa, has reinforced its position as Egypts top developer with a record-breaking sales performance in 2024. Contract sales for the year soared to 10 billion, driven by strong property demand and the companys expansion into new markets.
TMGs sales surge 252 to 10 billion, a historic milestoneIn its latest update, TMG led by Moustafa reported EGP504 billion 10 billion in new contract sales at the close of its 2024 fiscal year the highest ever recorded by an Egyptian real estate company. This marks a 252.94 percent surge from the EGP142.8 billion 2.82 billion reported in 2023. This was fueled by the company's strategic expansion into Saudi Arabia and Egypt.
TMGs Banan project in Riyadh alone contributed EGP 64 billion 1.2 billion in FX-denominated sales, a move aligned with the groups strategy to diversify revenue streams and mitigate currency risks.
Meanwhile, its massive SouthMed project on Egypts North Coast, spanning 23 million square meters, generated EGP 280 billion 5.6 billion in sales within months of its July launch. Designed under an asset-light, low-risk model, SouthMed is expected to deliver EGP 100 billion in additional sales over its lifetime.
Sales volume also surged to 28,000 units, up from 17,000 the previous year, reinforcing TMGs leadership in the market. With an expanding international presence and strong demand for its projects, the company is on course for another stellar year in 2025.