TMG Saudi and ROSHN agree preliminary JV for 55,000-home Riyadh plan
TMG Saudi would hold 51% of the proposed joint company and PIF-owned ROSHN the remaining 49% under an agreement to study a mixed-use Riyadh development.
Tariq Benali Tariq Benali covers business and corporate news across the UAE and MENA for Anecdoted, tracking the deals, leadership moves and regulatory shifts behind the region's companies. tariq@anecdoted.com
Talaat Moustafa Group Saudi for Real Estate Development has signed a preliminary agreement with ROSHN Group to establish a joint venture that would explore a mixed-use project in Riyadh with more than 55,000 residential units. ROSHN is owned by the Public Investment Fund. The arrangement attaches a concrete development to the broader partnership the two sides announced with PIF in June.
A 51-49 split
TMG Saudi would hold 51% of the proposed joint company. ROSHN would own the other 49%.
The project would sit in a prime area of Riyadh. Preliminary studies indicate more than 55,000 homes, alongside retail, commercial, hospitality, entertainment, healthcare and educational facilities. Parks and public spaces form part of the outline as well.
Rooted in a June memorandum
The plan rests on a memorandum of understanding signed by TMG Saudi and PIF on June 7, 2026, under which the two parties agreed to examine opportunities in mixed-use real estate across Saudi Arabia. Those opportunities spanned residential, commercial, hospitality and retail uses, together with integrated urban developments.
PIF said the memorandum was designed to draw on its investment capabilities and development ecosystem alongside TMG's experience in delivering large-scale integrated communities. TMG has said the Riyadh development would support its regional expansion inside Saudi Arabia and strengthen its foreign-currency-generating position. ROSHN, for its part, would be able to use its strategic real estate portfolio and address demand for integrated communities and destinations.
An expanding set of PIF-linked ventures
May brought another tie-up involving a PIF-backed company. Sela, the Saudi entertainment group, and TMG launched a strategic entertainment consortium aimed at large-scale cultural, sports and live-event experiences across Egypt. Sela contributes expertise in live experiences, destination development and content creation; TMG brings its portfolio of integrated urban communities, hotels and hospitality assets in the country. The consortium plans concerts, family entertainment, theater productions, comedy events, sports programming and seasonal festivals across multiple destinations nationwide.
Baghdad
In June, TMG said it had received an investment license from the Iraqi National Investment Commission and secured a land bank of more than 12.8 million square meters for an integrated community in South-West Baghdad. The site falls within Baghdad Financial and Economic City and is intended for a self-sustained smart city. The $18.8 billion project is projected to take 16 years and to include 43,000 residential units housing roughly 250,000 residents. Commercial infrastructure accounts for 2.3 million square meters of the master plan, including a regional mall, office space, medical and educational facilities and hospitality assets.
Forbes recognition
Forbes Middle East ranks TMG second on its Egypt's Most Valuable Companies 2026 list. Hesham Talaat Moustafa, the group's CEO and managing director, is fourth on the publication's Most Impactful Real Estate Leaders 2026 list and 30th on its Top 100 CEOs 2026 list.
