The Clap
EGX-listed companies, Talaat Moustafa Group (TMG), Palm Hills, and Madinet Masr, emerged as leaders in real estate revenues in 2023.
What
The Board Consulting, a business consulting firm, showcased in a report the revenues of the top 20 real estate developers. TMG, Palm Hills, Mountain View, ORA, and Madinet Masr were among the top five in terms of sales.
Together, their sales jumped to EGP 700 billion in 2023, a 111% increase YoY.
The EGX-listed stars of the report
- TMG ranked first with unprecedented sales of EGP 140 billion, a 322% increase YoY. The increase was “exclusively driven by their projects in East Cairo”.
- Palm Hills, ranked at fourth, achieved EGP 59 billion in sales, a 129% increase YoY.
- In the fifth spot was Madinet Masr with EGP 35 billion in sales, a 212% increase YoY.
Now What
Real estate developers are now heading to expand to Saudi Arabia and the GCC and TMG already launched a mega project in Saudi Arabia called BENAN, as per the statement.
