Talaat Moustafa Group (TMG), one of the largest integrated institutions in Egypt and the Middle East, announced that it has begun legal and technical procedures to establish projects and investments in Iraq.
The group stated that further details about these projects will be announced when the related execution procedures begin. The company is committed to adhering to the rules of disclosure and listing in this regard, according to TMG’s statement to the Egyptian Exchange (EGX).
In July, Iraqi Prime Minister Mohammed Shia’ Al-Sudani received a delegation of Egyptian and Saudi businessmen, including Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group.
During the meeting, the Iraqi Prime Minister invited Egyptian and Saudi companies, due to their expertise in real estate development and the establishment of integrated and smart residential cities, to invest in the field of tourist resorts, hotels, and entertainment facilities. Iraq possesses numerous diverse tourist destinations.
Talaat Moustafa Group achieved unprecedented business results during the first six months of 2024, both operationally and financially.
Sales reached EGP 391bn, equivalent to approximately $8.1bn, by the end of July. TMG recorded revenues of EGP 17.02bn during the first half of 2024, compared to EGP 10.71bn during the same period last year, representing a growth rate of 59%.
Gross consolidated profit reached EGP 6.57bn during the first half of 2024, compared to EGP 3.39bn during the same period last year, reflecting a growth rate of 94%. Net profit after taxes reached approximately EGP 6.36bn during the first half of 2024, compared to EGP 1.55bn during the same period last year, marking a growth rate of 308%.
