TMG Holding begins $788M tourism project behind Grand Egyptian Museum
Updated 11/3/2025 12:18:00 PM
Arab Finance: Talaat Moustafa Group Holding (TMG Holding) announced that its subsidiary, the Arab Company for Hotel and Tourism Investments (ICON), has begun developing a new integrated tourism project behind the Grand Egyptian Museum (GEM) in Giza, in partnership with the New Urban Communities Authority (NUCA), as per a disclosure.
Spanning 42.4 feddans, the project includes a five-star luxury hotel with approximately 495 rooms, along with restaurants, serviced residences, a commercial area, a residential hotel, and administrative units, and an international entertainment zone.
The total investment cost is estimated at $788 million.
TMG Holding expects the project to generate recurring annual net income exceeding $82 million and net real estate sales revenue of about $233 million over its lifetime.
In parallel, the group is undertaking a comprehensive renovation of the historic Mena House Hotel to restore it to its original grandeur, along with upgrades to other landmark properties such as the Marriott Zamalek and the Winter Palace in Luxor.
These developments align with TMG Holding’s strategy to expand recurring revenue streams, boost foreign currency inflows, and contribute to the growth of Egypt’s tourism sector by adding high-quality hotel capacity, reaffirming its leadership in the industry.
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