Talaat Moustafa Group
Encyclopedia
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The Talaat Moustafa Group (TMG), one of the largest conglomerate
s in Egypt
, was founded by the former Talaat Moustafa and is headed by his son, Tarek Talaat Moustafa.
The Talaat Moustafa family owns 51% of the group's total stock; the rest is owned by Egypt
ian and Arab
investors. Comprising 23 companies, the group is estimated to be worth 11.6 billion Egyptian pound
s and employs more than 3,000 people along with 60,000 additional workers at its various project sites. In November 2007, the company's shares were made public.
TMG owns the largest urban development project in Egypt, El Rehab
and other major projects in resort cities such as Sharm el-Sheikh
. It has built the San Stefano Grand Plaza
in Alexandria
. The group has opened three Four Seasons Hotels in Egypt and is working on a major resort in Marsa Alam
. In July 2006, The Talaat Moustafa Group started the Madinaty
project, which literally means 'My City' in Arabic, is expected to occupy 8,000 feddan
s and become the largest all inclusive city in the Middle East when it is completed in 2010.
The construction branch is managed by Moustafa's eldest son, Tarek Talaat Moustafa, who is also the head of the Egyptian Lower Parliament's housing committee. The agricultural branch is managed by his second eldest son, Hani Talaat Moustafa. The real estate branch was managed by his youngest son and former member of the Egyptian Shura Council
, Hisham Talaat Moustafa
. Tarek took over Hisham's duties after he was arrested in September 2008 for the murder of Lebanese singer Suzanne Tamim
. On May 21, 2009, Hisham was sentenced to death for the murder.
The Talaat Moustafa Group (TMG), one of the largest conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
s in Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
, was founded by the former Talaat Moustafa and is headed by his son, Tarek Talaat Moustafa.
The Talaat Moustafa family owns 51% of the group's total stock; the rest is owned by Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
ian and Arab
Arab
Arab people, also known as Arabs , are a panethnicity primarily living in the Arab world, which is located in Western Asia and North Africa. They are identified as such on one or more of genealogical, linguistic, or cultural grounds, with tribal affiliations, and intra-tribal relationships playing...
investors. Comprising 23 companies, the group is estimated to be worth 11.6 billion Egyptian pound
Egyptian pound
The Egyptian Pound is the currency of Egypt. It is divided into 100 Qirsh , or 1,000 Milliemes ....
s and employs more than 3,000 people along with 60,000 additional workers at its various project sites. In November 2007, the company's shares were made public.
TMG owns the largest urban development project in Egypt, El Rehab
Rehab City
Rehab City is a community located in New Cairo, Egypt.El Rehab is a fully fledged community, which creates a comprehensive integrated residential scheme within the New Cairo plan. It covers an area of 10 million m2 to accommodate 200,000 residents. There are 10 phases, each covering an area of 220...
and other major projects in resort cities such as Sharm el-Sheikh
Sharm el-Sheikh
Sharm el-Sheikh is a city situated on the southern tip of the Sinai Peninsula, in South Sinai Governorate, Egypt, on the coastal strip along the Red Sea. Its population is approximately 35,000...
. It has built the San Stefano Grand Plaza
San Stefano Grand Plaza
San Stefano Grand Plaza is a structural complex including a Four Seasons hotel, apartments, offices, a shopping mall and a marina in Alexandria, Egypt. Being 35 floors high, it has the tallest buildings in the city...
in Alexandria
Alexandria
Alexandria is the second-largest city of Egypt, with a population of 4.1 million, extending about along the coast of the Mediterranean Sea in the north central part of the country; it is also the largest city lying directly on the Mediterranean coast. It is Egypt's largest seaport, serving...
. The group has opened three Four Seasons Hotels in Egypt and is working on a major resort in Marsa Alam
Marsa Alam
Marsa Alam is a town in south-eastern Egypt, located on the western shore of the Red Sea. It is currently seeing fast increasing popularity as a tourist destination and development following the opening of Marsa Alam International Airport in 2001....
. In July 2006, The Talaat Moustafa Group started the Madinaty
Madinaty
-Overview:The project is being constructed by Talaat Mostafa Group. The landscape architects are the SWA group. Construction began on July 2006.The contract by which the land was granted to the company was challenged in the Egyptian court....
project, which literally means 'My City' in Arabic, is expected to occupy 8,000 feddan
Feddan
A feddan is a unit of area. It is used in Egypt, Sudan, and Syria. The feddan is not an SI unit and in Arabic, the word means 'a yoke of oxen': implying the area of ground that could be tilled by them in a certain time. In Egypt the feddan is the only non-metric unit which remained in use...
s and become the largest all inclusive city in the Middle East when it is completed in 2010.
The construction branch is managed by Moustafa's eldest son, Tarek Talaat Moustafa, who is also the head of the Egyptian Lower Parliament's housing committee. The agricultural branch is managed by his second eldest son, Hani Talaat Moustafa. The real estate branch was managed by his youngest son and former member of the Egyptian Shura Council
Shura Council
The Shura Council is the upper house of Egyptian bicameral Parliament. Its name roughly translates into English as "the Consultative Council". The lower house of parliament is the People's Assembly....
, Hisham Talaat Moustafa
Hisham Talaat Moustafa
Hisham Talaat Moustafa is an Egyptian businessman who had been elected in 2004 to the Shura Council in the Parliament of Egypt. As the former chairman and former head of the Real Estate Branch of the Talaat Moustafa Group, his net worth was estimated at $800 million in 2007...
. Tarek took over Hisham's duties after he was arrested in September 2008 for the murder of Lebanese singer Suzanne Tamim
Suzanne Tamim
Suzanne Tamim was a Lebanese singer who rose to fame in the Arab world after winning the top prize in the popular Studio El Fan television show in 1996.-Biography:...
. On May 21, 2009, Hisham was sentenced to death for the murder.