Egypt and Talaat Moustafa Sign an 11 Trillion Pound Deal for Four Mixed-Use Projects
Talaat Moustafa Group Holding has signed agreements with the Egyptian government to develop four major mixed-use projects with investments the company estimates at 11 trillion Egyptian pounds, it said on 20 October. That is equivalent to 202.0 billion dollars, on our calculation. The projects span more than 37 million square metres, the company said, and form part of the government’s programme of partnership between the state and the private sector.
President Abdel Fattah El-Sisi witnessed the announcement on the sidelines of the second day of Egypt Forum 2026, Egypt’s Presidency said, and offered his congratulations on the agreement. The Presidency put the agreement’s value at 11 trillion pounds. The four sites are North and West Madinaty, central Alexandria, Abu Qir and a stretch of the North Coast.
Abu Qir Carries an Estimated 5 Trillion Pounds of Investment
The project with the most investment, on our reading, sits beside the New Abu Qir Port. The company describes it as an industrial, real estate, logistics and tourism development of an estimated 6.65 million square metres. Its estimated investment is 5 trillion pounds. On our calculation, that is 46.0 percent of the four projects’ combined investment.
Second by investment, on our reading, is North and West Madinaty, at an estimated 3.2 trillion pounds. It covers an estimated 5 million square metres on the corridor between Madinaty and Suez Road, and extends the existing city. On our calculation, it takes 29.4 percent of the four projects’ combined investment.
Estimated Investment and Area by Project, as Disclosed
| Project | Investment (EGP tn) | Area (mn sq m) | Share of 10.87 tn |
|---|---|---|---|
| Abu Qir | 5.00 | 6.65 | 46.0% |
| North and West Madinaty | 3.20 | 5.00 | 29.4% |
| Central Alexandria | 1.70 | 11.30 | 15.6% |
| North Coast (km 147 to 151) | 0.97 | 10.40 | 8.9% |
| Sum of the four | 10.87 | 33.35 | 100.0% |
Investment and area are the company’s estimates per project, as printed in its 20 October disclosure. The sums and shares are our calculation; the rounded shares add to 99.9 percent. The same disclosure gives the totals as an estimated 11 trillion pounds and more than 37 million square metres. The dollar equivalent in the text is our calculation at the Central Bank of Egypt’s average market rate, buy side, of 54.4592 pounds per dollar on 20 October.
The four disclosed investments sum to 10.87 trillion pounds, on our calculation. On our reading, that is consistent with the company’s approximate total of 11 trillion. The four areas sum to 33.35 million square metres, on our calculation. That is at least 3.65 million square metres short of the more than 37 million stated, on our calculation. On our reading, the disclosure does not explain that gap.
Central Alexandria is the largest of the four sites, on our reading, at an estimated 11.3 million square metres. The company calls it the first project of its kind in the city. Investment there is estimated at 1.7 trillion pounds. The North Coast destination, between kilometre 147 and kilometre 151, is to follow the SouthMed model. It covers an estimated 10.4 million square metres. Its estimated investment, 0.97 trillion pounds, is the smallest of the four, on our reading.
Estimated investment per square metre differs widely across the four, on our reading. Abu Qir comes to 751,880 pounds per square metre, on our calculation. The North Coast comes to 93,269 pounds per square metre, on our calculation.
What the President Asked For
The President said the state encourages investors to work in every field, and he stressed the community service side of investment projects. In that context, he asked the government to work with the group so that the group builds 200,000 housing units for rent.
The same statement said completed and ongoing housing projects have so far included 1.96 million new housing units. On our calculation, the 200,000 rental homes would equal 10.2 percent of that total.
A Backlog of 491 Billion Pounds and a Record Quarter
The group’s backlog reached 491.0 billion pounds at the end of June, up 35 percent on the year. On our calculation, the new package is 22.4 times that backlog. The two measure different things, on our reading: the package is an investment estimate, while the backlog is a sales figure.
At the end of March, the backlog stood at 457.9 billion pounds. It grew 7.2 percent in the second quarter alone, on our calculation.
The second quarter brought record contracted sales of 170.1 billion pounds, up 27 percent on the year, the company said. The first half came to 219.1 billion pounds. That one quarter delivered 77.6 percent of it, on our calculation.
Talaat Moustafa Group, First Half 2026 Against First Half 2025
| Measure (EGP mn) | 1H 2026 | 1H 2025 | Change |
|---|---|---|---|
| Revenues | 30,192.0 | 24,391.9 | 24% |
| Real estate revenues | 16,967.2 | 12,621.8 | 34% |
| Gross profit | 9,741.1 | 8,136.8 | 20% |
| Operating profit | 12,931.6 | 10,045.7 | 29% |
| Net profit | 9,945.8 | 8,111.2 | 23% |
Figures from the group’s 1H 2026 earnings release of 12 August 2026, its latest published results. Changes are as printed by the company.
SouthMed, the model for the North Coast project, generated 93.9 billion pounds of contracted sales in the first half. On our calculation, that is 42.9 percent of the group’s total. The Spine, launched in April, added 33.8 billion pounds. The company expects investment in The Spine to exceed 1.4 trillion pounds. The new package is 7.9 times that floor, on our calculation.
The group’s first-half release puts its landbank at 128.4 million square metres. The four disclosed project areas equal 26.0 percent of it, on our calculation. The group’s cash, deposits and treasury bills reached 75.7 billion pounds at the end of June. The company puts its net cash at an estimated 59.2 billion pounds.
Why it matters: Egypt has signed agreements for four large mixed-use projects with a developer that calls itself the country’s leading developer of integrated urban communities. Abu Qir alone takes 46.0 percent of the four projects’ combined investment, on our calculation. On our reading, the deal therefore reaches into industry, logistics and a port as well as homes and tourism. The President also asked the government to work with the group so that the group builds 200,000 homes for rent.
Outlook: The company has now published investment estimates and areas for each project. On our reading, no financial terms, build timetable or jobs figure has been published so far. The group goes into the next phase with a record second quarter of sales behind it. Its backlog rose 35 percent in a year, and its net cash stood at an estimated 59.2 billion pounds at the end of June.
Sources: Talaat Moustafa Group Holding, Egyptian Presidency, Central Bank of Egypt, The Edge.
