What could change its growth trajectory, and what would confirm it?
Talaat Moustafa Group's FY2025 growth rests on an unrecognized-sales backlog of EGP 441bn at the end of 2025, up 50% year on year, and on recurring income and service-related revenues of EGP 10.9bn in 2025, a 64% increase over 2024; the pace at which these move over coming periods would confirm or weaken the growth view.
FY2025 contractual sales of EGP 382.2bn were supported by late-year launches of Sharm Bay plus Joud and Yamal projects in Oman. Banan is its first integrated urban community in Saudi Arabia, covering 10 million sqm.
Which risks could break the thesis, and what would warn of them?
As Egypt's largest listed property developer with shares traded in Egyptian pounds, Talaat Moustafa Group faces Egyptian economic conditions and exchange-rate shifts as its chief exposures.
Sales already under contract but not yet delivered are projected to convert into revenue over the coming years. The group's hospitality arm ICON has signed definitive agreements to acquire a 39% stake with full management.
What does the product do for its buyer, and how is it delivered?
Talaat Moustafa Group delivers large integrated urban communities across Egypt, Saudi Arabia, and Oman, pairing hospitality developments for residents and guests with commercial hubs and extensive land for sports and social clubs. Its Banan community in Saudi Arabia spans 10 million sqm incorporating sustainability and smart technologies, while SouthMED is a Mediterranean coastal destination exceeding 23 million sqm at Kilo 165 along the Alexandria-Matrouh Road, and Jood is an integrated living development in Oman.
Gateway Mall functions as a shopping center in Al Rehab that offers retail, commercial, administrative, and medical services, while the group has set aside more than 400 feddans for sports and social clubs throughout its communities.
