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May 20, 2025: International expansions on the horizon

We have a tight issue this morning with news of overseas expansions from TMGH, Madinet Masr, and Edita, along with a mix of earnings updates and more. Let’s jump in.

Talaat Moustafa expands into Oman with two big projects

Talaat Moustafa Group marked its entry into the Omani market yesterday with the finalization of an agreement with the Omani Ministry of Housing and Urban Planning to develop two real estate projects, with a total investment of about USD 3.90 billion, near the newly established Sultan Haitham City, according to a statement from the developer.

The details:

The first project, covering 2.7 million square meters, will be a fully integrated smart residential city. It will include villas, apartments, and a social and sports club, with commercial spaces and services.

The second development, located along the Gulf of Oman in the coastal area of Al-Shakheekhit, spans 2.2 million square meters with a beachfront stretching 1,760 meters, TMGH said.

Key features will include a yacht marina, a luxury hotel, seafront villas, and chalets. The project will also include Al Naseem Heritage Park, a 215,000-square-meter green space.

Projected sales value:

Together, the projects will provide around 12,900 residential units, including 9,200 conventional and serviced apartments, with an estimated total sales value of OMR 1.8 billion (about USD 4.7 billion). Once completed, the developments are expected to generate OMR 21 million (USD 54.8 million) in recurring income annually.

What they said:

“This strategic move further strengthens TMG Holding’s foreign exchange generation capabilities, expands its recurring income base, and provides a natural hedge against local currency fluctuations-reinforcing its stature as Egypt’s leading exporter of real estate and tourism services and a growing regional urban development powerhouse,” management said.

Remember, TMGH’s expansion goes beyond Oman:

The move into Oman follows TMGH’s successful launch of the USD 17.5 billion Banan project in Saudi Arabia last year.

The company, which is targeting about EGP 500 billion in sales this year, is also in advanced talks to establish a large-scale urban community in Iraq. The development — spanning 14 million square meters in Baghdad— is expected to generate USD 17 billion in total sales once completed.

AND…TMGH isn’t the only developer going international:

EGX-listed Madinet Masr is also eyeing its first international expansion before year end, with Saudi Arabia and the UAE in its sights, the company’s CEO Abdallah Sallam said in an interview with Asharq Business.

The real estate developer is currently in discussions with Saudi Arabia’s National Housing Company to kick off real estate projects in the Kingdom. These could roll out either as solo ventures or in collaboration with a local partner, he told the news outlet.

Edita eyes Ivory Coast in line with overseas expansion

Edita Food Industries has its sights set on Ivory Coast as its next big move, company CEO Hani Berzi told Al Arabiya. The snackmaker is weighing the expansion after scoping out high-potential markets—but isn’t putting a timeline or price tag on it just yet.

Remember, Edita’s international operations are growing:

In FY2024, Edita Morocco delivered robust growth of 45.8% YoY, reaching EGP 475.6 million and contributing 2.9% to consolidated revenue. Beyond Morocco, Edita has signed an agreement to acquire 49% of Tuama Jebur Abbas in Iraq for USD 8 million, gaining swift entry into the Iraqi market.

Going forward:

Edita is going big at home and abroad, setting aside EGP 1 billion to ramp up production in Egypt, Morocco, and Iraq, its CEO Hani Berzi told Al Arabiya.

The goal? Push exports to 15–20% of revenues by year’s end, up from the current 11%, as the company leans harder into its international growth game.

EGAS rakes in almost EGP 200 million in Q1

Natural Gas and Mining Project (EGAS) achieved a 41.3% YoY growth in net profit after tax, reaching EGP 196.368 million during the first quarter of 2025, up from EGP 138.965 million in Q1 2024, its earnings release showed.

More details:

The company’s operating revenues also increased to EGP 1.688 billion during Q1, compared to EGP 1.318 billion in the corresponding period of 2024.

Earnings per share reached EGP 1.36, up from EGP 0.96 during the same period last year.

Comes after a strong 2024:

EGAS posted a 70.55% surge in net profit after tax, reaching EGP 290.960 million in 2024, driven by strong top-line growth, as we previously noted. Its operating revenues rose to EGP 7.506 billion during the year, up from EGP 6.871 billion in the corresponding period of 2023.

What else is clapping?

Atlas for Investment and Food Industries swung to a loss of EGP 6.08 million in 2024, down from a EGP 387.9K profit in 2023, according to its consolidated financials. However, its revenues rose to EGP 40.16 million, up from EGP 36.15 million the previous year
Wadi Kom Ombo Land Reclamation’s profits for the first 9 months of its current fiscal year surged by 117%, reaching EGP 117.68 million. Revenues also rose to EGP 188.63 million, compared to EGP 124.68 million in the same period last year.
EFG Finance, an EFG Holding subsidiary, has greenlit the sale of its B2B platform Fatura to regional retail and supply chain super app MaxAB-Wasoko. Through this transaction, EFG secures a major stake in MaxAB-Wasoko and takes a seat on its board of directors — deepening its fintech presence across Africa.
Beltone Holding announced its leasing subsidiary made a non-binding offer to acquire a non-listed company in Egypt’s non-banking financial services sector, subject to regulatory approvals and due diligence.