Arab Finance: Talaat Moustafa Company Baghdad, a unit of Talaat Moustafa Group (TMG Holding), was licensed to develop an integrated community in South-West Baghdad, Iraq, according to a press release.
The subsidiary successfully received an investment license number 2026/515 issued on 24 May 2026 by the Iraqi National Investment Commission and secured a land bank for the project, marking a significant milestone in the group’s regional expansion strategy.
The development scheme will comprise about 43,000 residential units and is expected to accommodate around 250,000 residents upon completion.
The master plan also includes about 2.3 million square meters of non-residential built-up area, encompassing retail and commercial assets, including a regional mall, office and administrative space, hospitality facilities, educational and healthcare institutions, religious and civic services, a large-scale sports and social club, entertainment venues, parks, and open green spaces.
Based on preliminary feasibility studies, the project is expected to generate total sales of nearly $18.8 billion, alongside recurring annual revenues of $108 million upon full completion from leasing and hospitality assets.
Moreover, it is projected to achieve an overall gross margin of around 20%, with an estimated development period of 16 years and full sell-out anticipated within 12 years.
Located within Baghdad Financial and Economic City, the project site enjoys strategic connectivity to key financial and administrative districts and benefits from its proximity to Baghdad International Airport.
This is part of TMG Holding's regional expansion strategy, executed through Talaat Moustafa Group KSA entity, widening the group's total land bank from 115 million sqm to approximately 128 million sqm and adding an estimated $3.58 billion in incremental land bank value.
Upon completion of the transaction, TMG's land bank across the GCC region is expected to reach approximately 28 million sqm, further strengthening the group's geographic diversification and expanding its foreign currency-denominated real estate and recurring income streams.
TMG Holding recently signed a strategic partnership with Sela to launch a platform focused on developing and managing live entertainment and event experiences in Egypt.
