Arab Finance: Talaat Moustafa Group Holding (TMG Holding) signed a preliminary agreement with ROSHN Group, a subsidiary of the Saudi Public Investment Fund (PIF), to establish a joint venture (JV) for an integrated mixed-use project in Riyadh, according to a bourse filing.
Under the agreement, TMG Holding’s unit, TMG Saudi, will hold a 51% stake in the JV, while ROSHN will own the remaining 49%.
Located in Riyadh, the proposed mixed-use development is expected to comprise more than 55,000 residential units, alongside retail, commercial, hospitality, entertainment, healthcare, and educational facilities, as well as parks and public spaces.
It is expected to strengthen TMG Holding’s foreign-currency position and support its continued regional expansion in Saudi Arabia.
The scheme will leverage the EGX-listed group’s development expertise and proven model to introduce a differentiated offering to the Saudi market, while enabling ROSHN to capitalize on its strategic real estate portfolio and growing demand for integrated communities.
Last June, TMG Saudi inked a memorandum of understanding (MoU) with the PIF to develop mixed-use real estate projects across the Kingdom.
In 2025, TMG Holding expanded its presence in the Gulf region, with Banan in Riyadh achieving nearly EGP 30 billion in sales.
