Talaat Moustafa Group Holding announced on June 1 that its subsidiary obtained an investment licence to develop a large mixed-use community in southwest Baghdad.
The licence, numbered 2026/515 and issued on May 24, 2026, covers a 12.8 million square metre land bank inside Baghdad Financial and Economic City. The planned development includes 43,000 residential units for about 250,000 people along with 2.3 million square metres of retail, commercial, hospitality, educational and healthcare space.
Preliminary studies project cumulative sales of 18.8 billion dollars and annual recurring revenue of 108 million dollars once complete. Construction is expected to take roughly 16 years and sales about 12 years, with an overall gross margin near 20 percent.
The project raises TMG Holding’s total land bank to 128 million square metres and adds an estimated 3.58 billion dollars in land value. It forms part of the group’s expansion through its Saudi platform and brings its integrated community model to Iraq.