Talaat Moustafa Group Holding (TMG Holding) announced that its subsidiary, Talaat Moustafa Company Baghdad, has obtained an investment licence from the Iraqi National Investment Commission (licence No. 2026/515, issued on May 24, 2026) and secured a substantial land bank in southwest Baghdad to develop an integrated mixed-use community, marking a key milestone in the Group’s regional expansion strategy.
The project will include approximately 43,000 residential units, providing housing for nearly 250,000 residents upon completion.
In addition, the master plan features around 2.3 million square meters of non-residential built-up area, incorporating a diverse mix of retail, commercial, hospitality, educational, healthcare, recreational, and civic facilities.
Key components comprise a regional shopping mall, office and administrative spaces, schools, healthcare centers, religious and community services, a large sports and social club, entertainment destinations, public parks, and extensive green areas.
Designed as a fully integrated smart and sustainable city, the development will be supported by advanced digital management systems and environmentally conscious infrastructure to enhance quality of life and operational efficiency.
According to preliminary feasibility studies, the project is expected to generate approximately $18.8bn in cumulative sales, while recurring revenues from leasing activities and hospitality assets are projected to reach around $108m annually upon full completion.
The development is anticipated to deliver an overall gross margin of about 20%, with construction spanning approximately 16 years and full sales expected within 12 years, creating substantial long-term value and attractive returns for shareholders.
The land bank, spanning approximately 12.8 million sqm, is strategically located within Baghdad Financial and Economic City and benefits from direct connectivity to key financial and administrative districts. The site also enjoys excellent accessibility due to its close proximity to Baghdad International Airport.
The Iraq development represents a key pillar of TMG Holding’s accelerated regional expansion strategy, implemented through its Saudi-based platform, Talaat Moustafa Group KSA. The project increases the Group’s total land bank from 115 million sqm to approximately 128 million sqm, while adding an estimated $3.58bn in land bank value.
With this expansion, TMG’s land holdings across the GCC will reach nearly 28 million sqm, further strengthening the Group’s portfolio of foreign currency-denominated assets and enhancing its recurring revenue streams.
The project will bring TMG’s proven integrated community development model to Iraq through the delivery of a large-scale, master-planned urban destination featuring high-quality residential, commercial, and service components.
By entering the Iraqi market, TMG aims to capitalize on the country’s strong housing demand, favorable demographics, and significant purchasing power, while helping advance modern urban development and support Iraq’s long-term economic growth and infrastructure transformation.
