Talaat Mostafa Group has announced that it has signed an initial agreement with Roshan, a company owned by the Saudi Public Investment Fund, to establish a joint venture to develop a mixed-use project in Riyadh, Saudi Arabia. The project is expected to include over 55,000 residential units, as well as commercial, administrative, hospitality, entertainment, healthcare, and educational components. The agreement is part of Talaat Mostafa Group's expansion into the Saudi market.
The project, which is expected to be developed on a prime site in Riyadh, will be designed to create a comprehensive urban community with integrated services. The development will include parks and public spaces, aiming to create a community that is not just a residential project, but a vibrant and sustainable urban environment. The project is expected to benefit from the growing demand for integrated urban communities and multi-service destinations in the Saudi market.
Under the terms of the agreement, the joint venture will be owned 51% by Talaat Mostafa Group's Saudi subsidiary and 49% by Roshan. The partnership will leverage Talaat Mostafa Group's expertise in developing integrated urban communities and Roshan's strategic land portfolio. The project is expected to support Talaat Mostafa Group's goal of expanding its presence in the Saudi market and increasing its foreign currency earnings.
The agreement is a significant step in Talaat Mostafa Group's strategy to expand its business outside the Egyptian market and capitalize on opportunities in the Saudi real estate sector. The company has previously announced plans to develop several major projects in Saudi Arabia, including in Riyadh, Jeddah, Medina, and Mecca. Talaat Mostafa Group launched its first project in Riyadh, the "Banan" city, in 2024, which is expected to include 27,000 residential units.
Talaat Mostafa Group's expansion into the Saudi market is part of its strategy to diversify its revenue streams and increase its presence in the region. The company has reported strong sales growth in recent years, with sales reaching 219.1 billion Egyptian pounds in the first six months of 2026. The partnership with Roshan is expected to support the company's goal of increasing its presence in the Saudi market and capitalizing on the growing demand for integrated urban communities.
The project is expected to have a significant impact on Talaat Mostafa Group's financial performance and support its goal of increasing its foreign currency earnings. The company has previously announced plans to increase its presence in the Saudi market and capitalize on the growing demand for integrated urban communities. The partnership with Roshan is a significant step in this strategy and is expected to support the company's long-term growth goals.
Talaat Mostafa Group has a strong track record of developing integrated urban communities in Egypt and has established itself as a major player in the real estate sector. The company's expansion into the Saudi market is part of its strategy to diversify its revenue streams and increase its presence in the region. The partnership with Roshan is expected to support the company's goal of increasing its presence in the Saudi market and capitalizing on the growing demand for integrated urban communities.
Key points
- The project will include over 55,000 residential units, as well as commercial, administrative, hospitality, entertainment, healthcare, and educational components.
- The joint venture will be owned 51% by Talaat Mostafa Group's Saudi subsidiary and 49% by Roshan.
- The project is expected to support Talaat Mostafa Group's goal of expanding its presence in the Saudi market and increasing its foreign currency earnings.
