Talaat Moustafa Group Holding (TMG Holding) is in talks with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, to launch projects in four major cities across the Kingdom.

The potential projects are planned in Riyadh, Jeddah, Madinah and Makkah, TMG Holding said in a statement to the Egyptian Exchange.

The Egyptian developer's subsidiary, Talaat Moustafa Group Saudi for Real Estate Development, signed a memorandum of understanding (MoU) with the PIF to collaborate on mixed-use real estate developments across the Kingdom.

The MoU covers cooperation on projects within PIF-owned developments across residential, commercial, hospitality and retail sectors. The agreement also includes opportunities related to integrated urban communities. 

TMG Holding said the partnership is expected to support faster project delivery and value creation across PIF developments.

TMG Holding had announced last week that its subsidiary, Talaat Moustafa Company Baghdad, received an investment licence from National Investment Commission (NIC) of Iraq and secured a major land bank for development of an integrated urban community southwest of Iraqi capital Baghdad.

The company is currently developing Banan City in Riyadh, spanning an area of 10 million sqm and had secured 4.9 million sqm of land in Oman last year for two mixed-use projects.    

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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