Iraq is in talks with Egypt’s Talaat Moustafa Holding Group (TMG), the largest real estate developer on the Egyptian stock exchange, to build a new administrative capital in Iraq’s capital, Baghdad.
According to Salar Mohamed Amin, Chairman of Iraq’s National Investment Commission, the capital is set to span more than 38 million square meters, with investments nearing USD 10 billion (EGP 507.4 billion), Iraq expects “to reach a final agreement with the Egyptian group at the beginning of 2026,” Amin confirmed.
The proposed large-scale, mixed-use development in Iraq is projected to generate total sales of approximately USD 17 billion (EGP 862.58 billion), with annual recurring revenues expected to exceed USD 1.5 billion (EGP 76.11 billion) upon completion.
Pending the conclusion of ongoing negotiations, TMG anticipates securing the project land from Iraqi authorities before the end of the year.
The announcement follows a series of in-depth exploratory meetings and market assessments, according to TMG. The initiative seeks to replicate TMG’s second foray into international markets.
In September 2023, TGM unveiled “Banan Al Riyadh,” a sprawling mixed-use city in Riyadh, undertaken in collaboration with Saudi Arabia’s National Housing Company. Encompassing 10 million square meters in the Al-Fursan suburb, the project carries an estimated investment of USD 17.5 billion (EGP 886.95 billion) and is slated to deliver approximately 28,000 housing units over eight years.
Among TMG’s flagship developments in Egypt are Madinaty, Al Rehab, and Celia, the latter located in the country’s New Administrative Capital. The group is also advancing Noor, a new city rising east of Cairo. With a projected investment of up to EGP 500 billion (USD 9.86 billion), the ambitious undertaking is set to include 140,000 housing units.
