TMG Holding and ROSHN Partner for Massive Riyadh Mixed-Use Development
Egypt's Talaat Moustafa Group (TMG Holding) and Saudi Arabia's ROSHN Group have signed a preliminary joint venture agreement to develop a large-scale mixed-use project in Riyadh, featuring over 55,000 residential units.
A new joint venture between Egypt's Talaat Moustafa Group Holding (TMG Holding) and ROSHN Group, a subsidiary of Saudi Arabia's Public Investment Fund (PIF), is set to deliver a significant mixed-use development in Riyadh. The preliminary agreement outlines a project comprising over 55,000 residential units, alongside a comprehensive array of retail, commercial, hospitality, entertainment, healthcare, and educational facilities, complemented by parks and public spaces.
Under the terms of the agreement, TMG Holding's Saudi unit, TMG Saudi, will hold a 51% stake in the joint venture, with ROSHN retaining the remaining 49%. This strategic partnership aims to use TMG Holding's extensive development expertise to introduce a distinct offering to the Saudi market, while enabling ROSHN to capitalize on its strategic real estate portfolio and meet the increasing demand for integrated communities within the Kingdom.
This move strengthens TMG Holding's regional expansion strategy, building on previous engagements. In June of the previous year, TMG Saudi had already signed a memorandum of understanding (MoU) with the PIF for the development of mixed-use real estate projects across Saudi Arabia. The proposed Riyadh development is expected to significantly bolster TMG Holding’s foreign-currency position and support its continued growth in the region.
Questions, answered
- What is the scope of the new mixed-use project in Riyadh?
- The proposed development is expected to include more than 55,000 residential units, in addition to retail, commercial, hospitality, entertainment, healthcare, and educational facilities, along with parks and public spaces.
- Which entities are partnering for this development?
- The project is a joint venture between Egypt's Talaat Moustafa Group (TMG Holding), through its unit TMG Saudi, and ROSHN Group, a subsidiary of Saudi Arabia's Public Investment Fund (PIF).
- What are the ownership stakes in the joint venture?
- TMG Saudi will hold a 51% stake in the joint venture, while ROSHN Group will own the remaining 49%.
- Where will the new mixed-use development be located?
- The project is planned to be situated in Riyadh, the capital city of Saudi Arabia.
- Has TMG Holding previously engaged with Saudi Arabia for real estate projects?
- Yes, TMG Saudi previously signed a memorandum of understanding (MoU) with the PIF in June of the prior year to develop mixed-use real estate projects across the Kingdom.
This brief was summarised and rewritten by Gaia Living from public reporting. Figures and details reflect the original sources.
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