Wednesday 12 Mar
Engineer Talaat Moustafa.. The Founder
The Talaat Moustafa Group (TMG) has built a significant history spanning nearly 55 years, beginning with its establishment as a construction company by Engineer Talaat Moustafa in the early 1970s. Before launching the group, Engineer Moustafa, who graduated from the Faculty of Engineering in 1947, developed his expertise through contracting work in Libya and Kuwait during the 1960s.
The construction company founded by Engineer Talaat Moustafa
experienced a pivotal shift in direction when his youngest son, Hisham Talaat,
assumed leadership after graduating from Alexandria University's Faculty of
Commerce in 1980. Hisham Talaat's vision was to evolve the family business into
a prominent institutional force within the real estate and tourism development
sectors.
Hisham Talaat Moustafa spearheads new phase
Hisham Talaat Moustafa's innovative approach to real estate
development, informed by his forward-thinking perspective on global trends,
defined this era. He introduced distinctive residential concepts through
communities and resorts such as "Al Rawda Al Khadraa" in Agamy,
"Virginia" on the North Coast, "Al Rabwa" in Sheikh Zayed
City, and "May Fair" in Al Shorouk City, solidifying the group's
leading position in the Egyptian real estate market during the 1980s and early
1990s.
Building on the group's success in the 1980s and early
1990s, Hisham Talaat Moustafa pursued further expansion. A landmark achievement
was the 1997 development of Al Rehab City in New Cairo, the first privately
developed integrated residential city in Egypt, occupying more than 10 million
square meters. This was followed by Madinaty in East Cairo, a pioneering global
city model and the largest private real estate development in Egypt and the
Middle East, with an area exceeding 33.6 million square meters.
Concurrently, Hisham Talaat Moustafa strategically expanded
into the tourism sector. He spearheaded an agreement that introduced the Four
Seasons hotel chain to Egypt. The opening of Four Seasons Sharm El Sheikh in
2002 marked the beginning of a portfolio of luxury hotels, including Four
Seasons Nile Plaza, San Stefano, and Nile Kempinski. This expansion
successfully attracted affluent tourists, bolstering Egypt's foreign currency
earnings.
Urban expansion, city development, and stock market entry
Capitalizing on Egypt's accelerating economic growth in
2007, and in alignment with its commitment to the national economy, the company
launched an Initial Public Offering (IPO) on the Egyptian Stock Exchange. This
offering, which attracted bids exceeding $6 billion, became the largest in the
history of the Egyptian capital market. As a result, Talaat Moustafa Group
solidified its position as a leading real estate developer, becoming a publicly
traded Egyptian joint stock company with shares held by numerous local and
international investors, including the Norwegian Pension Fund, the world's
largest sovereign wealth fund.
The cornerstone of TMG's strength as a leading real estate
developer is the enduring trust of its clientele, cultivated over many years.
This trust has positioned the group as one of the largest and most respected
developers in Egypt and the Middle East. Continuing its strategic expansion
into high-end residential communities, TMG launched a major project in the New
Administrative Capital in 2018. This 500-acre development features a unique
location at the center of the Green River.
In just over three years, TMG launched the Noor City project
in 2021. This 5,000-acre development in Capital Gardens, East Cairo, embodies a
strategic vision for 21st-century urban environments, prioritizing green,
smart, and sustainable practices through the integration of state-of-the-art
technologies.
TMG strategic move towards globalization
Following its remarkable success within Egypt, Talaat
Moustafa Group has initiated its first international real estate venture,
signaling its move towards globalization. The Banan city project, situated
north of Riyadh in Saudi Arabia, will be a fully integrated, 10 million square
meter city, delivering an unprecedented standard of living for over 120,000
residents. The project's total investment is estimated at roughly 31.4 billion Saudi
riyals.
Recognizing the government's heightened interest in the
North Coast region and the introduction of its comprehensive development master
plan, TMG seized a valuable opportunity, acquiring a 23 million square meter
plot with direct access to the Northwest Coast in July.
The SouthMED project was launched with a clear global
vision: to establish a new, world-class destination in the Southern
Mediterranean. This development seeks to emulate and surpass the standards of
excellence set by the most luxurious destinations in the Northern
Mediterranean, such as the iconic beaches of Southern France, Italy, Spain, and
Greece.
During the same period, the Group strategically acquired
Legacy Hotels and Tourist Projects Company, significantly enhancing its
hospitality division with the addition of seven prominent hotels: Sofitel
Legend Old Cataract Aswan, Mövenpick Resort Aswan, Sofitel Winter Palace Luxor,
Steigenberger Hotel El Tahrir, Steigenberger Cecil Alexandria Hotel, Marriott
Mena House Cairo, and Marriott Omar Khayyam Zamalek. This acquisition resulted
in a robust portfolio of 15 luxury hospitality assets, which includes hotels
currently under development in Madinaty, Giza, Luxor, and Marsa Alam.
TMG's decades-long contribution to urban growth has been
widely recognized with numerous local and international accolades. Notably, Forbes
Middle East has placed the Group among Egypt's top 50 companies and awarded it
the top position in real estate development for four consecutive years
(2021-2024). Furthermore, the Group was featured on Forbes' 2023 list of the
100 strongest Arab family companies.
TMG achieved significant recognition at the Egypt's Best
Summit 2024, under the patronage of the Prime Minister, securing the top
position among the 100 strongest companies in the Egyptian market and receiving
the award for the most trusted real estate developer. Further, the group was
honoured at the bt100 celebration as the best real estate developer and a
leading influence in the Egyptian economy.
Unwavering support for community development plans
For over 55 years, Talaat Moustafa Group has prioritized
corporate social responsibility as a core element of its urban development
strategy. Recognizing its vital role in community development, the group
actively engages individuals and civil society, optimizing human and technical
resources. TMG implements an integrated strategy, allocating a portion of its
investments to provide services and development projects that contribute to
sustainable development and enhance citizens' livelihoods.
The Group has significantly contributed to human development and community service through initiatives in key areas such as health, education, economic empowerment, workforce readiness, and community development. The group's outstanding support of the Egyptian government's COVID-19 pandemic efforts earned it the Sustainability and Social Responsibility Award at the Egypt's Best Summit.
