Corporate news
Talaat Moustafa Group (TMGH)*
*Target Price: EGP 121*
The stock is considered one of our top investment picks for 2026 (as per Prime Securities’ equity strategy report issued on December 28, 2025). Our selection is supported by the group’s diversified and integrated business model across the real estate and tourism sectors, in addition to its geographic diversification both domestically and internationally, alongside its ongoing expansion plans.
In this context, the company announced the launch of a major new project, “The Spine City,” in partnership with the National Bank of Egypt, which holds a 24.5% stake in the project.
The project is located in East Cairo, with total investments amounting to EGP 1.4 trillion and a paid-in capital of EGP 69 billion. It spans an area of 2.125 million square meters and includes 165 towers comprising residential, administrative, and hotel units.
According to company disclosures, the project is expected to generate tax revenues estimated at approximately EGP 800 billion (with eFinance being a key beneficiary). It has also been announced that the project is projected to contribute around 1% to the country’s GDP.
*Walaa Mosalam -Prime Research*
*WMosalam@egy.primegroup.org*