Egypt signs EGP 11trn real estate pact with Talaat Moustafa Group
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Egypt has reached an EGP 11 trillion agreement with Talaat Moustafa Group for four multi-use developments, announced as President Abdel Fattah Al-Sisi directed the construction of hundreds of thousands of rental homes.
Egypt has reached an EGP 11 trillion agreement with the Talaat Moustafa Group to develop four major multi-use projects, announced as President Abdel Fattah Al-Sisi directed the construction of hundreds of thousands of new rental units on the second day of the Egypt Forum 2026 on Tuesday.
The agreement, unveiled on the sidelines of the forum’s “Urban Development” session, covers a project north of Madinaty, an 11.3 million square metre development in central Alexandria, a combined industrial, logistics and real estate unit in Abu Qir, and a North Coast destination modelled after South Med.
Congratulating the parties, Sisi stressed the importance of community service in investment projects and asked the government to cooperate with the Talaat Moustafa Group to build 200,000 housing units specifically for rent. He also directed the government and the Tahya Misr Fund to split equally the cost of constructing a further 200,000 rental units.
Turning to Egypt’s old rent law, the president said the goal was to break the “exclusive mindset of ownership” and reintroduce a renting approach to housing. He said the state’s past inability to substitute for the private sector and civil society in meeting housing demand had produced the country’s slum and unplanned housing crisis over previous decades.
Presidential spokesman Ambassador Mohamed El-Shennawy told the session, attended by Prime Minister Mostafa Madbouly, that Egypt had built 61 new cities and delivered 1.96 million new housing units since 2014, alongside slum eradication, the development of Khedivial Cairo and the upgrading of major cities and provincial capitals.
Sisi said Egypt had historically concentrated its population on just 7 per cent of a landmass of 60,000 to 70,000 square kilometres, describing the situation as “unnatural and inhumane” and a source of social, security, cultural and investment problems. He said the state intends to complete ongoing development plans and the “Decent Life” initiative by 2030 at the latest, with private-sector support.